To correctly handle the relationship between financial innovation and financial supervision, real economy and virtual economy, savings and consumption
The press conference of the 7th ASEM Summit was held in the Great Hall of the People on the afternoon of the 25th after the conclusion of the meeting. Leaders of the Asia-Europe Summit Coordinator, Premier Wen Jiabao of the State Council, together with Brunei Sultan Hassannal, French President Nicolas Sarkozy and European Commission President Barroso, attended the meeting and answered questions from Chinese and foreign reporters.
Wen Jiabao stated that the current session was held in the context of the international financial crisis and global issues such as energy, food, environment, natural disasters, and poverty. The leaders of the conference focused on the theme of dialogue, cooperation and mutual benefit. The economic and financial situation, food security, disaster relief cooperation, international and regional situations, sustainable development, and strengthening the dialogue among civilizations have frankly and in-depth exchanged views and reached broad and important consensus. The conference issued three outcome documents including the Statement on the International Financial Situation, the Sustainable Development - Beijing Declaration and the Chairman's Statement, and also adopted a number of cooperation in the fields of economy, society, culture, and sustainable development. initiative. The conference is of great significance and fruitful, and it will surely have an important and far-reaching impact on the ASEM cooperation process. China looks forward to working with all its members to implement the outcomes and follow-up initiatives of the conference, consolidate and deepen the new Asia-Europe partnership, and join the new phase of Asia-Europe cooperation.
When answering the question on the international financial crisis, Wen Jiabao said that this meeting has determined that it is practical to deal with the international financial crisis as the main topic. In response to this crisis, I believe that what should be done can be summed up in six words: confidence, cooperation, and responsibility.
First, confidence. That is, all countries, especially developed countries, should take decisive measures as soon as possible to stabilize the financial market and enable people to gain confidence. We are pleased to see that many countries have already taken measures and have seen initial results. But now it seems that it is not enough and we must continue to work hard. The stability of financial markets is crucial to the overall economic stability. The first important message conveyed at this meeting is to strengthen confidence. I believe that confidence is the source of strength to overcome difficulties.
Second, cooperation. To cope with a mega-financial crisis that has not happened for a hundred years, we need to strengthen cooperation among all countries. We must work together, work together, and overcome difficulties. Only cooperation can create strength and overcome difficulties. At present, leaders of all countries must attach great importance to it. The Asia-Europe Meeting that we convened, as well as the international financial summit that will soon be held in Washington, shows this attitude of cooperation among leaders. Of course, in the cooperation, we are very concerned about the following two points: We must clarify the responsibilities of the government, the responsibilities of companies, and the responsibilities for supervision; we must learn lessons from this financial crisis.
I think the lessons are mainly in three aspects:
——We must correctly handle the relationship between financial innovation and financial supervision. We need financial innovation to serve the economy, but we also need to strengthen financial supervision to ensure financial security.
——We must handle the relationship between the real economy and the virtual economy. We need the healthy development of the virtual economy to promote the development of the real economy. Therefore, the fictitious economy must coordinate with the real economy, and must not affect the development of the real economy because of problems in the fictitious economy.
- To handle the relationship between savings and consumption. To maintain normal, balanced and coordinated relations between savings and consumption, the economy can be stabilized.
Third, responsibility. After everyone has a common understanding, it is very important to implement responsibility. First of all, the biggest responsibility is to stabilize the financial order as soon as possible so that financial risks can be suppressed and prevented. Second, we must do everything possible to prevent the financial crisis from affecting the development of the real economy. This requires the governments of all countries to be responsible in a determined, courageous and responsible manner.
Wen Jiabao pointed out that in the past few years, China’s financial sector has been steadily and orderly. As China’s current financial interaction with the world is not so widespread, the financial crisis has had an impact on China’s finances, but it’s not that big. We must see that the impact of the financial crisis on the world economy, especially the slowdown of the world economy, will certainly affect the Chinese economy. China’s GDP growth in the first three quarters of this year was 9.9%. This is the first time in six years that our economic growth has returned to single digits. Of course, there are factors in our subjective regulation, but we cannot deny that the changes in the world economy, especially the reduction in external demand, have had an impact on the Chinese economy. We are still relatively early to see things. In June of this year, we have adjusted macroeconomic policies and began to implement flexible and prudent macroeconomic policies. We have targeted and controlled economic problems. We have placed the maintenance of stable economic growth at the forefront, taking into account the need to curb inflation and maintain the balance of international payments. We have already taken a series of measures, the most important of which is the expansion of domestic demand, mainly consumer demand. Some of these measures have already seen results, and some may have to wait for some time to be effective. China has a vast rural area and a vast western region. There is a wide gap between urban and rural development and regional development. Domestic demand still has a lot of potential to tap. There is still a lot of room for the market. As long as we have the right policy, we will be able to maintain stable and rapid economic development. We have full confidence in this.
Wen Jiabao pointed out that with the world financial crisis intensifying and spreading, the steady and rapid development of the Chinese economy is the biggest contribution to the world. We will actively participate in the international financial summit held in Washington, adopt a cooperative and pragmatic attitude, and discuss with other countries how to deal with the crisis. We hope that the Washington meeting will succeed.
Answering questions on how to re-establish consumer confidence in Chinese food at home and abroad, Wen Jiabao said that the “problem milk powder†incident was not only the responsibility of the company, but also the government’s responsibility, mainly in terms of supervision. Our handling of food safety will take three steps:
First, to seriously deal with milk powder incidents, it is necessary not only to deal with directly responsible persons, but also to investigate leadership responsibilities, and to violate criminal law should be investigated for criminal responsibility according to law.
Second, food is a complete chain from field to table, from production to transportation, processing, formulation, and manufacturing. Every link must be effectively and effectively supervised. The responsibility for each link must be stipulated, especially the legal responsibility. Maintain the health and safety of the people.
Third, we must integrate food safety into the legal system. Recently, the Standing Committee of the National People's Congress is reviewing the "Food Safety Law." We will implement the "Food Safety Law" as an opportunity to comprehensively strengthen food safety management.
Wen Jiabao stressed that the Chinese government attaches great importance to food safety because it involves not only the interests of the Chinese people but also the interests of the people of the world. We are determined to take an important step in the issue of food safety. We use our actions and the quality of our products to win the trust of the Chinese people and the trust of the people of the world.
Sarkozy, Hassanal, and Barroso spoke positively of the important achievements made at the Asia-Europe summit and expressed appreciation and gratitude to China for its meticulous organization and contribution to the success of the conference.
The press conference of the 7th ASEM Summit was held in the Great Hall of the People on the afternoon of the 25th after the conclusion of the meeting. Leaders of the Asia-Europe Summit Coordinator, Premier Wen Jiabao of the State Council, together with Brunei Sultan Hassannal, French President Nicolas Sarkozy and European Commission President Barroso, attended the meeting and answered questions from Chinese and foreign reporters.
Wen Jiabao stated that the current session was held in the context of the international financial crisis and global issues such as energy, food, environment, natural disasters, and poverty. The leaders of the conference focused on the theme of dialogue, cooperation and mutual benefit. The economic and financial situation, food security, disaster relief cooperation, international and regional situations, sustainable development, and strengthening the dialogue among civilizations have frankly and in-depth exchanged views and reached broad and important consensus. The conference issued three outcome documents including the Statement on the International Financial Situation, the Sustainable Development - Beijing Declaration and the Chairman's Statement, and also adopted a number of cooperation in the fields of economy, society, culture, and sustainable development. initiative. The conference is of great significance and fruitful, and it will surely have an important and far-reaching impact on the ASEM cooperation process. China looks forward to working with all its members to implement the outcomes and follow-up initiatives of the conference, consolidate and deepen the new Asia-Europe partnership, and join the new phase of Asia-Europe cooperation.
When answering the question on the international financial crisis, Wen Jiabao said that this meeting has determined that it is practical to deal with the international financial crisis as the main topic. In response to this crisis, I believe that what should be done can be summed up in six words: confidence, cooperation, and responsibility.
First, confidence. That is, all countries, especially developed countries, should take decisive measures as soon as possible to stabilize the financial market and enable people to gain confidence. We are pleased to see that many countries have already taken measures and have seen initial results. But now it seems that it is not enough and we must continue to work hard. The stability of financial markets is crucial to the overall economic stability. The first important message conveyed at this meeting is to strengthen confidence. I believe that confidence is the source of strength to overcome difficulties.
Second, cooperation. To cope with a mega-financial crisis that has not happened for a hundred years, we need to strengthen cooperation among all countries. We must work together, work together, and overcome difficulties. Only cooperation can create strength and overcome difficulties. At present, leaders of all countries must attach great importance to it. The Asia-Europe Meeting that we convened, as well as the international financial summit that will soon be held in Washington, shows this attitude of cooperation among leaders. Of course, in the cooperation, we are very concerned about the following two points: We must clarify the responsibilities of the government, the responsibilities of companies, and the responsibilities for supervision; we must learn lessons from this financial crisis.
I think the lessons are mainly in three aspects:
——We must correctly handle the relationship between financial innovation and financial supervision. We need financial innovation to serve the economy, but we also need to strengthen financial supervision to ensure financial security.
——We must handle the relationship between the real economy and the virtual economy. We need the healthy development of the virtual economy to promote the development of the real economy. Therefore, the fictitious economy must coordinate with the real economy, and must not affect the development of the real economy because of problems in the fictitious economy.
- To handle the relationship between savings and consumption. To maintain normal, balanced and coordinated relations between savings and consumption, the economy can be stabilized.
Third, responsibility. After everyone has a common understanding, it is very important to implement responsibility. First of all, the biggest responsibility is to stabilize the financial order as soon as possible so that financial risks can be suppressed and prevented. Second, we must do everything possible to prevent the financial crisis from affecting the development of the real economy. This requires the governments of all countries to be responsible in a determined, courageous and responsible manner.
Wen Jiabao pointed out that in the past few years, China’s financial sector has been steadily and orderly. As China’s current financial interaction with the world is not so widespread, the financial crisis has had an impact on China’s finances, but it’s not that big. We must see that the impact of the financial crisis on the world economy, especially the slowdown of the world economy, will certainly affect the Chinese economy. China’s GDP growth in the first three quarters of this year was 9.9%. This is the first time in six years that our economic growth has returned to single digits. Of course, there are factors in our subjective regulation, but we cannot deny that the changes in the world economy, especially the reduction in external demand, have had an impact on the Chinese economy. We are still relatively early to see things. In June of this year, we have adjusted macroeconomic policies and began to implement flexible and prudent macroeconomic policies. We have targeted and controlled economic problems. We have placed the maintenance of stable economic growth at the forefront, taking into account the need to curb inflation and maintain the balance of international payments. We have already taken a series of measures, the most important of which is the expansion of domestic demand, mainly consumer demand. Some of these measures have already seen results, and some may have to wait for some time to be effective. China has a vast rural area and a vast western region. There is a wide gap between urban and rural development and regional development. Domestic demand still has a lot of potential to tap. There is still a lot of room for the market. As long as we have the right policy, we will be able to maintain stable and rapid economic development. We have full confidence in this.
Wen Jiabao pointed out that with the world financial crisis intensifying and spreading, the steady and rapid development of the Chinese economy is the biggest contribution to the world. We will actively participate in the international financial summit held in Washington, adopt a cooperative and pragmatic attitude, and discuss with other countries how to deal with the crisis. We hope that the Washington meeting will succeed.
Answering questions on how to re-establish consumer confidence in Chinese food at home and abroad, Wen Jiabao said that the “problem milk powder†incident was not only the responsibility of the company, but also the government’s responsibility, mainly in terms of supervision. Our handling of food safety will take three steps:
First, to seriously deal with milk powder incidents, it is necessary not only to deal with directly responsible persons, but also to investigate leadership responsibilities, and to violate criminal law should be investigated for criminal responsibility according to law.
Second, food is a complete chain from field to table, from production to transportation, processing, formulation, and manufacturing. Every link must be effectively and effectively supervised. The responsibility for each link must be stipulated, especially the legal responsibility. Maintain the health and safety of the people.
Third, we must integrate food safety into the legal system. Recently, the Standing Committee of the National People's Congress is reviewing the "Food Safety Law." We will implement the "Food Safety Law" as an opportunity to comprehensively strengthen food safety management.
Wen Jiabao stressed that the Chinese government attaches great importance to food safety because it involves not only the interests of the Chinese people but also the interests of the people of the world. We are determined to take an important step in the issue of food safety. We use our actions and the quality of our products to win the trust of the Chinese people and the trust of the people of the world.
Sarkozy, Hassanal, and Barroso spoke positively of the important achievements made at the Asia-Europe summit and expressed appreciation and gratitude to China for its meticulous organization and contribution to the success of the conference.
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