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Remarks by Ambassador Wang Xuexian at the Fifth Asia Economic Forum

Remarks by Ambassador Wang Xuexian at the Fifth Asia Economic Forum. 6 April 2009, Phnom Penh. I. Challenges. Comprehensive, severe and profound Major challenge is unprecedented blow to the export-led economic growth strategy and economic structure

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Remarks by Ambassador Wang Xuexian at the Fifth Asia Economic Forum

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  1. Remarks by Ambassador Wang Xuexianat the Fifth Asia Economic Forum 6 April 2009, Phnom Penh

  2. I. Challenges • Comprehensive, severe and profound • Major challenge is unprecedented blow to the export-led economic growth strategy and economic structure • Asian countries in a vulnerable position in the current international economic and financial system

  3. II. Opportunities • Fundamentals and positive long-term growth outlook of the Asian economy remain unchanged • Asian people well-known for endurance and austerity • Asian regional cooperation already laid a solid foundation

  4. III. Actions • Rallying the people for self-help • resolute policies and effective measures at the national level • Grouping together to share the warmth • strengthen regional cooperation and oppose protectionism

  5. III. Actions (continued) • Transforming the old to create the new • address unfair division of labor brought about by globalization • speed up the reform of major international financial institutions • creative reform of the existing international monetary system • greater support to developing countries

  6. IV. China is moving • stimulus package including a two-year 4 trillion RMB Yuan investment plan, industrial adjustment plan,sci&tech and social security support plan • bilateral and multilateral dialogue • currency swap agreements of 82 billion US Dollars with Asian economies • multilateral economic and trade initiatives • assistance to other developing countries

  7. Thank you all.

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