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	7th ASEM Opens in Beijing China Seeks Coordinated Response to Financial Crisis Beijing, 24.10.2008 The 7th Asia-Europe Meeting opened Friday in Beijing, with the international economic and financial situation topping its agenda. Chinese President Hu Jintao addressed the opening ceremony. The 7th Asia-Europe Meeting, with "Vision and Action: Towards a Win-Win Solution" as its theme, is believed to provide an opportunity for Asia and Europe to jointly deal with the financial crisis through dialogue and cooperation. The Asia-Europe Meeting, founded in 1996, is a high-level intergovernmental forum between the two continents. Chinese President Hu Jintao on Friday called on countries all over the world to strengthen policy coordination so as to cope with the global financial crisis. "In the face of this global challenge, the international community should enhance policy coordination, strengthen cooperation and make a common response," Hu said when addressing the opening ceremony of the Seventh Asia-Europe Meeting in Beijing on Friday. Hu said the recent financial crisis triggered by the U.S. subprime mortgage crisis had caused "shockwaves" in the international financial markets and was having a serious impact on economic development and people's livelihood across the world. "This had aroused the concern of governments and people of all countries." "At this crucial moment, confidence is more important than anything else. Only with strong confidence and concerted efforts can we weather the crisis," he said. Hu said China appreciated and supported the positive measures taken by relevant countries in response to the financial crisis and hoped they would produce the desired results soon. "China, on its part, has made active efforts to the best of its ability. We have adopted a range of important measures, including those on maintaining the stability of our domestic financial system, increasing liquidity in the financial markets and institutions, enhancing coordination and cooperation with other countries on macroeconomic policies and so on," Hu said. He added China would continue to work with the rest of the international community with a sense of responsibility to ensure international financial and economic stability. Mr. Kubiš will attend the 7th Asia-Europe Meeting summit in Beijing (Publikované dňa: 23.10.2008) 1st meeting – main topic “Global Economy and Financial Situation” H. E. Mr. Prime Minister Wen Jiabao, Excellencies, Ladies and Gentlemen, Thank you for your hospitality, and for very good discussion that you have steered toward building consensus among the participants of the ASEM meeting. Many leaders have taken the floor, many valuable ideas have been expressed. I thus can limit myself to just some four points concerning principles on which we should build urgent and mid-term solutions and reactions to the global financial crisis and recession. 1. Firstly I underline the responsibility we have towards each other. Primarily it means that we handle nationally our financial and economic affairs well, that we promote sound macroeconomic policy, responsible monetary, fiscal and financial regulatory policies and robust accountability and oversight. It means also taking care of our economic development in a way of taking care of social needs of the people. This is what the government of Slovakia does. Slovakia has not been affected that much by the financial meltdown, our banking system after its restructuralisation and privatisation by major foreign banks some years ago is sound. Moreover, as of 1st January next year we are joining the Eurozone and that is a proof that our economy is sound and capable to fulfil the stringent criteria of the Eurozone. But there will be an impact of the global recession on our real economy – as an open, export-oriented economy we will feel it. While we have registered last year a 10,4% growth, and in the first 8 months of this year, an 8% growth, and we expect 7,6% for this year, we will have to reduce our prediction for the coming 2-3 years to above 5% per year, and not some 6% in average, as originally planned. 2. As the second point, international coordination and cooperation is needed, as well as reform, reorganisation of the international monetary and financial system, adding clear rules of the behaviour, risk management and increased accountability and transparency. Today it is apparent, that market alone cannot cope with the challenges of growth and innovation of financial instruments and products. A much stronger role of the state and a robust internal supervisory and regulatory system is needed. It concerns also cooperation of national supervisory and regulatory bodies – more robust international supervision is also needed. All that while respecting the principle of national responsibility for sound financial management and economic development. And while an increasingly important role of national state’s regulators over market forces is now needed more than ever, certainly it should not be directed against market as such or in a way, that would stifle the economic growth. We need solutions that would not upset the internal economic and social cohesion of our countries and that would not shift the burden of consequences of irresponsible and reckless financial operations in some major countries and bad decisions of managers without proper regulatory supervision on smaller and less developed countries. 3. Thirdly we must restore trust to the system so that the real economy will grow, so that the domestic and international demand is stimulated. For that major imbalances between saving and spending are to be removed, notably in the USA but also globally. Internationally responsible exchange rates in the Asian countries, promotion of a faster growth on Asian markets, of regional cooperation in Asia, could reinvigorate global markets as well, and is currently one of the major potential contributions in the efforts against financial and economic crisis. In the present situation, when we in the EU do the utmost to counter the global crisis, we also expect a distinct contribution from Asian countries – in their engagement in the quest for common global solutions and the stabilisation of markets. Here I would also like to stress the importance of concluding the Doha round of negotiations soon. However, if we wish to encourage the countries and business community to become robustly engaged in trade, economic cooperation and integration on a broader basis, we must provide comparable opportunities attractive to both European and Asian partners that can stimulate open trade. 4. The last remark is a warning against protectionism, and attempts to abandon global activism in the areas like fighting poverty, unsustainable prices of food, contagious diseases, climate change, and the need to move from the reliance on high carbon sources of energy, to promote energy security and independence and sustainable development. Globalisation has indeed to be a part of the solution, not to be perceived a part of the problem. And a part of the solution is to work for more equality in the world, work for the fulfilment of the Millennium Development Goals. Thank you for your attention. Press and Communication Department of the Ministry of Foreign Affairs of the Slovak Republic Phone: 00421-2 / 5978 3981 Fax: 00421-2 / 5978 3999 (3989) E-mail: tlac@mzv.sk Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk

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