Asian and European leaders have promised to take effective and comprehensive actions to reform world monetary and financial systems.
|ASEM delegation members during closing of 7th Asia Europe Meeting in Beijing, 25 Oct 2008
At the end of their two-day summit in Beijing, the 40 members of the Asia-Europe Meeting (ASEM) made a show of unity to reassure frightened investors and try to bring stability to world markets.
During the meeting, Chinese Premier Wen Jiabao said officials must use every means to prevent the financial crisis from having an impact on the real economy. He called for stricter regulation of economic systems, saying lessons must be learned from the current crisis.
The Chinese premier said China will take an active part in the Group of 20 summit on the financial crisis that U.S. President George Bush will host in Washington on November 15th.
The G-20 includes major industrialized nations and key emerging-market countries like China, India and Brazil.
Stock markets around the world suffered major losses last week.
Key U.S. stock indexes closed down more than three percent Friday.
European markets also fell, closing down as much as five percent after a report that the British economy is on the brink of recession.
Markets in the Middle East began a new week of trading Sunday with indications that the downward trend is continuing. All the indexes there opened sharply lower.