PM Lee says important for nations to engage world financial institutions
By Channel NewsAsia China correspondent Wong Yee Fong | Posted: 24 October 2008 2325 hrs
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Prime Minister Lee Hsien Loong at the Asia-Europe Meeting in Beijing</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD><TABLE style="BACKGROUND-COLOR: #cccccc" cellSpacing=0 cellPadding=0 width=240 border=0><TBODY><TR><TD vAlign=top width="100%"><TABLE cellSpacing=1 cellPadding=0 width="100%" border=0><TBODY><TR style="BACKGROUND-COLOR: #ffffff"><TD><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD vAlign=top>Related Videos </TD></TR><TR><TD vAlign=top bgColor=#cccccc>
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BEIJING: Singapore Prime Minister Lee Hsien Loong has said it is important for countries to engage international financial institutions. This is because these institutions have the resources and knowledge that can help governments manage a crisis.
He was speaking at the 7th Asia-Europe Meeting (ASEM) in Beijing, where leaders of 45 nations are discussing the global financial turmoil.
The crisis, which has already seen the demise of financial institutions in the United States, is sweeping across Europe and Asia. And leaders from both continents on Friday called for better cooperation in the midst of the turmoil.
Jose Barroso, president of European Commission, said: "In this room, we represent three-fifths of the world's population and produce half of global GDP. Our combined action can and should make a real difference."
Mr Barroso cautioned against protectionism and urged countries to push forward with opening their economies.
China, a major international exporter, pledged to be a responsible stabilising force against an imminent global slowdown. It is boosting the country's domestic consumption in view of slowing exports.
President Hu Jintao said: "China's economy is increasingly tied to the world economy. It is important for China to maintain stable development as it contributes to stabilising the global financial market and the world's economic development. We should first handle our internal issues well."
Singapore's Prime Minister Lee said at the first plenary session that Asian economies cannot be decoupled from the world.
He said financial authorities must keep in close touch to be aware of each other's policies. But governments should also be measured in their response to avoid causing alarm and uncertainty.
- CNA/ir
By Channel NewsAsia China correspondent Wong Yee Fong | Posted: 24 October 2008 2325 hrs
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Prime Minister Lee Hsien Loong at the Asia-Europe Meeting in Beijing</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD><TABLE style="BACKGROUND-COLOR: #cccccc" cellSpacing=0 cellPadding=0 width=240 border=0><TBODY><TR><TD vAlign=top width="100%"><TABLE cellSpacing=1 cellPadding=0 width="100%" border=0><TBODY><TR style="BACKGROUND-COLOR: #ffffff"><TD><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD vAlign=top>Related Videos </TD></TR><TR><TD vAlign=top bgColor=#cccccc>
BEIJING: Singapore Prime Minister Lee Hsien Loong has said it is important for countries to engage international financial institutions. This is because these institutions have the resources and knowledge that can help governments manage a crisis.
He was speaking at the 7th Asia-Europe Meeting (ASEM) in Beijing, where leaders of 45 nations are discussing the global financial turmoil.
The crisis, which has already seen the demise of financial institutions in the United States, is sweeping across Europe and Asia. And leaders from both continents on Friday called for better cooperation in the midst of the turmoil.
Jose Barroso, president of European Commission, said: "In this room, we represent three-fifths of the world's population and produce half of global GDP. Our combined action can and should make a real difference."
Mr Barroso cautioned against protectionism and urged countries to push forward with opening their economies.
China, a major international exporter, pledged to be a responsible stabilising force against an imminent global slowdown. It is boosting the country's domestic consumption in view of slowing exports.
President Hu Jintao said: "China's economy is increasingly tied to the world economy. It is important for China to maintain stable development as it contributes to stabilising the global financial market and the world's economic development. We should first handle our internal issues well."
Singapore's Prime Minister Lee said at the first plenary session that Asian economies cannot be decoupled from the world.
He said financial authorities must keep in close touch to be aware of each other's policies. But governments should also be measured in their response to avoid causing alarm and uncertainty.
- CNA/ir
:p
