Europe and Asia "delay" search for joint effort against financial crisis
Beijing (AsiaNews/Agencies) - Great prudence on the part of Asian countries, and urgent but courteous insistence from Europe: the 7th Asia-Europe summit comes to a close today in Beijing, without any specific decisions but with many requests calling for quick answers.
Chinese president Hu Jintao, speaking for much of Asia, said that China (and the other Asian countries) are continuing their economic growth, and that "China is a developing country. Maintaining good momentum for our economic development is in itself an important contribution to the world's economy and financial markets. We must first sort out our own affairs." But he also emphasized that "in face of this crisis, the world must strengthen policy co-ordination, heighten co-operation and provide a joint response. Against the background of deepening globalisation, the fates of Asia and Europe are becoming increasingly tied to the fate of the whole world. Working hand in hand, and co-operating to achieve a win-win solution, is the best choice for the two continents." The statement implies that any aid will come at a price.
In the face of the reticence of the Asian countries, unwilling to go beyond statements of intent, French president Nicholas Sarkozy, who also holds the rotating presidency of the European Union, looked to the summit scheduled in Washington on November 15, when "Europe is going to present a united front and we will submit well-considered proposals developed together. Europe would like Asia to support that effort."
Asian leaders, like Japanese prime minister Taro Aso, then referred to the increasingly important role for organizations like the International Monetary Fund: another sign of the growing inability of countries to rely on their own resources. Moreover, China, Japan, South Korea, and the 10 countries of ASEAN have confirmed the creation of an 80 billion dollar regional fund to address eventual emergencies caused by the financial crisis.
It's a small step, from a consortium of 43 countries that includes 60% of the world population and 50% of its wealth, but it expresses the situation well. Asia does not know whether it will be harmed by the crisis: yesterday, two of the main Chinese banks, the Industrial and Commercial Bank of China and the China Construction Bank, reported that their profit growth has continued, but has slowed sharply. At the same time, Beijing has asked all financial institutions that operate in China, even foreign ones, to submit monthly reports on the availability of foreign currency. But although the world crisis will also affect Asia, this does not mean, as many in the West maintain, that it must contribute to a global economic recovery. A growing number of voices in the East speak of another way: focusing on domestic markets and neighboring countries, and expanding consumption and services.
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