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In Beijing, World Leaders Pledge Broad Reform of Financial System
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As more developing countries are being hit by the turmoil, the IMF is proposing an emergency program that would double borrowing limits and waive some of the fund's standard conditions for loans. The fund has agreed to lend Iceland $2.1 billion after the country's banking system collapsed.
For the past few weeks, China has stood on the sidelines as country after country became caught up in the financial maelstrom. Many countries have looked to China for leadership as the world's fastest-growing major developing economy. But Chinese leaders offered a standard response: China's first priority was protecting its economy.
China was slow to respond to calls for a meeting to discuss regional measures and was noncommittal about whether it would attend the Nov. 15 meeting, which will bring together the Group of 20 top economic powers and developing nations.
But with news this week that China's growth had decelerated to 9 percent, its lowest rate since 2003, the country's leaders appeared to step up.
On Saturday, Wen emphasized that China would not only attend the U.S.-hosted talks but also play an active role. "I think what we should do to cope with the crisis can be summarized as confidence, cooperation and responsibility," he said.
Shortly before the Asia-Europe Meeting began, China joined South Korea, Japan and 10 Southeast Asian nations in announcing the creation of an $80 billion fund that the countries could use to fight currency speculators.
China also announced that it had agreed to more "timely" phone conversations with Japan, with which it has had a tense relationship over apologies and reparations for atrocities committed during World War II.
