Fukuoka is hosting the first three-party summit of Asian countries. At the center of the talks is the global financial situation and the project of recapitalizing the Asian Development Bank, with the objective of helping the countries on the continent that are hardest hit by the crisis. Chinese leader expresses hope for joint response.

Fukuoka (AsiaNews/Agencies) - Japan, China, and South Korea are calling upon Asian countries to work together to confront the world economic crisis. Tokyo, Beijing, and Seoul are also asking that the Asian Development Bank be recapitalized, because it is needed to support the nations hardest hit by financial problems.

Japanese prime minister Taro Aso, Chinese prime minister Wen Jiabao, and South Korean president Lee Myung-bak are meeting in Fukuoka, in the southwest part of Japan, for the first three-party summit. It is an historic meeting, made necessary by the situation of general crisis facing the world economy, calling for responses that are just as exceptional.

In a joint declaration, "the leaders of the People's Republic of China, of Japan, and of South Korea" say that they share "the idea that it is necessary to reinforce cooperation among them, in order to face the current situation" of economic crisis. A spokesman for the Chinese foreign ministry says that he hopes that the three countries will be able to "respond in a joint manner" to the financial crisis, but does not offer more details on the ways in which this collaboration will be carried out.

The three leaders also confirm that "the Asian Development Bank could play an important role" in helping Asian countries "affected by the financial crisis," especially the developing countries. For this reason, they ask for "a rapid agreement on an increase of capital for the bank."

• japan
• asia
• china
• south
• korea
• summit
• economic
• financial
• crisis
• global
• recession
• depression
• contraction
• liquidity
• banks