China calls for world action on financial crisis

At the final session of the Asia-Europe summit China has called for governments to do whatever it takes to limit the damage caused by the global financial crisis. The Europeans agreed nations were in it together, sink or swim.

Chinese Premier Wen Jiabao signalled he would back France and push for tougher global financial rules. “The biggest responsibility is to stabilise the financial order as soon as possible. We need to use all available tools to prevent the crisis from harming real economies,” he warned.

The major powers have a chance to do that at a forthcoming summit in Washington next month. French President Nicolas Sarkozy, who rallied Asian backing, said: “All of them spoke of their willingness to make the Washington summit conclusive, with decisions being made. Everyone has understood that it is impossible to gather only for talks, so decisions will be made.”

The summit in Beijing came as the biggest financial markets were in freefall due to the global economic crisis. In Japan, shares had fallen more than nine percent and the markets in Frankfurt and London were down five percent.

There were no major policies emerging from Beijing. It seems world leaders are leaving the big decisions until the Washington summit.

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