CHINA: CHINESE PREMIER WEN JIABAO SAYS ECONOMIC COOPERATION IS BASIS OF NEW ASIAN EUROPE PARTNERSHIP
Record ID:
590778
CHINA: CHINESE PREMIER WEN JIABAO SAYS ECONOMIC COOPERATION IS BASIS OF NEW ASIAN EUROPE PARTNERSHIP
- Title: CHINA: CHINESE PREMIER WEN JIABAO SAYS ECONOMIC COOPERATION IS BASIS OF NEW ASIAN EUROPE PARTNERSHIP
- Date: 26th June 2005
- Summary: (BN03) TIANJIN, CHINA (JUNE 26, 2005) (REUTERS - ACCESS ALL) 1. VARIOUS OF CHINESE PREMIER WEN JIABAO MEETING EUROPEAN COMMISSIONER FOR ECONOMIC AND FINANCIAL AFFAIRS JOAQUIN ALMUNIA AT RECEPTION FOR ASIA-EUROPE FINANCE MINISTERS 0.`4 2. WIDE OF WEN SHAKING HANDS WITH ASIA-EUROPE MEETING (ASEM) DELEGATE 0.21 3. VARIOUS OF WEN GREETING JAPANESE FINANCE MINISTER SADAKAZU TANIGAKI 4. HANDS SHAKING 0.36 5. WIDE OF WEN JIABAO WALKING UP TO PLATFORM TO GIVE KEYNOTE SPEECH AT ASEM OPENING CEREMONIES 0.43 6. SCU (SOUNDBITE) (Mandarin) CHINESE PREMIER WEN JIABAO, SAYING: "Economic cooperation is the basis of the new ASEM comprehensive partnership. Fiscal and financial cooperation, as an important part of this (economic) cooperation, plays a crucial role. Asia and Europe must deepen their financial cooperation in this sector if they are to foster closer economic partnership, achieve win-win results and promote common development." 1.18 7. WIDE OF OPENING CEREMONY OF ASEM MEETING 1.24 (BN03) TIANJIN, CHINA (JUNE 25, 2005 ) (REUTERS - ACCESS ALL) 8. WIDE OF CHINESE AND JAPANESE ASEM DELEGATES SITTING DOWN FOR BILATERAL TALKS 1.28 9. CLOSE OF CHINESE FINANCE MINISTER JIN RENQING TALKING 1.38 10. WIDE OF JAPANESE DELEGATES LISTENING 1.44 11. SCU JAPANESE FINANCE MINISTER SADAKAZU TANIGAKI TALKING 1.51 12. WIDE OF BILATERIAL TALKS 1.56 (BN10) TIANJIN, CHINA (JUNE 26, 2005) (REUTERS - ACCESS ALL) 13. WIDE OF CONCLUDING ASIA-EUROPE FINANCE MINISTERS' MEETING NEWS CONFERENCE 2.04 14. WIDE OF GROUP OF FINANCE MINISTERS SITTING ON STAGE 2.09 15. SCU (SOUNDBITE) (Japanese) JAPANESE FINANCE MINISTER SADAKAZU TANIGAKI, SAYING: "It is up to China to decide how to act on their yuan policy. But given their growing economy, I have told (Finance Minister) Jin that China needs more flexibility with its currency system in order to broaden its policy options." 2.45 16. WIDE OF MINISTERS ON STAGE 2.51 17. SCU (SOUNDBITE) (English) EUROPEAN COMMISSIONER JOAQUIN ALMUNIA, SAYING: "Regarding the political and economic consequences of this setback, we need to be careful not to create a deeper sensation or feelings about the European crisis. Because at the same time we are having these difficulties, the European Union will continue to be alert. And we are waiting for Romania and Bulgaria - two new member states that can join the EU in 2007. We will open negotiations for the future accession of some other member states in the future. And we are trying to decide how to improve the economic conditions of Europe." 3.34 19. SLV CAMERAMEN FILMING 3.40 20. VARIOUS OF NEWS CONFERENCE/MINISTERS ON STAGE 3.52 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 11th July 2005 13:00
- Keywords:
- Location: TIANJIN, CHINA
- Country: China
- Reuters ID: LVAF00BSL4NJYW4VI7YL3TY5LCAO
- Story Text: Asian and European finance ministers meet in China
to discuss tightening economic cooperation between the two
powerhouse regions.
Top Asian and European finance ministers wrapped up a day of
discussions in China's port city Tianjin on Sunday
(June 26) aimed at tightening economic co-operation between
the regions' two sturdy economies.
Chinese Premier Wen Jiabao urged delegates to step up
dialogue, and said all sides would benefit from stronger
cooperation.
"Economic cooperation is the basis of the new ASEM
(Asia-Europe Meeting) comprehensive partnership. Fiscal and
financial cooperation, as an important part of this
(economic) cooperation, plays a crucial role. Asia and
Europe must deepen their financial cooperation in this
sector if they are to foster closer economic partnership,
achieve win-win results and promote common development"
said Wen.
This year's meeting was focused on reaching an
agreement on an initiative that, in part, aims at helping
coordinate policy responses to crises, following the
December 26 tsunami.
But exchange rate reform is set to be the most pressing
sideline issue.
Japanese Finance Minister Sadakazu Tanigaki spoke up at
the closing news conference of the Asia-Europe Meeting
(ASEM), to urge China to reform its exchange rate.
"It is up to China to decide how to act on their yuan
policy. But given their growing economy, I have told
(Finance Minister) Jin that China needs more flexibility
with its currency system in order to broaden its policy
options," said Tanigaki.
China's trading partners want to allow the yuan, or
renminbi (RMB), to strengthen. Beijing keeps the yuan
pegged around 8.28 to the dollar.
Earlier in the day Chinese Premier Wen Jiabao admitted
to the need to reform, but emphasised that the timing and
content must be determined independently of outside
pressure.
Tanigaki said bilateral meetings with his Chinese
counterpart Jin Renqing on Saturday (June 25) had been
fruitful, and he hoped to continue dialogue on exchange
rate reform.
China's trading partners have long pressured Beijing to
allow the yuan to appreciate, saying its virtual peg to the
dollar gives Chinese goods an unfair trade advantage.
European Commissioner for Economic and Financial
Affairs, Joaquin Almunia, said the EU was still forging
ahead despite difficulties related to getting member states
behind the European Union constitution.
Almunia said that the crisis would not affect the
area's development or economic co-operation with Asia.
"We need to be careful not to create a deeper sensation
or feelings about the European crisis. Because at the same
time we are having these difficulties, the European Union
will continue to be alert," said Almunia.
ASEM finance ministers last met in Indonesia in 2003.
Last year's meeting was scrapped following political
wrangling over whether or not military-ruled Myanmar should
become a member.
Myanmar, Laos and Cambodia were formally admitted to
ASEM in October alongside 10 new EU member states, bringing
the number of ASEM members close to 40.
ASEM, whose members account for some 60 per cent of
world trade, is one of the few international groupings not
to include the United States.
jd/mt
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