Address by H.E. Hu Jintao

President of the People’s Republic of China

At the Opening Ceremony of the Seventh Asia-Europe Meeting

Beijing, 24 October 2008

Distinguished Guests,

Ladies and Gentlemen,

Dear Friends,

I wish to begin by extending warm congratulations on the opening of the Seventh Asia-Europe Meeting (ASEM) and sincere welcome to all the colleagues and guests present.

The past few months have been truly eventful for the Chinese people. We withstood the severe test of the devastating Wenchuan earthquake and shared with the rest of the international community the joy brought by the Beijing Olympic Games and Paralympic Games. We received sincere help and strong support from the international community, particularly from Asian and European countries, during this period. On behalf of the Chinese Government and people, I would like to express heartfelt thanks to you.

Ladies and Gentlemen,

The recent financial crisis triggered by the US subprime mortgage crisis has caused shockwaves in the international financial markets and is having a serious impact on economic development and people’s livelihood across the world. This has aroused the concern of governments and people of all countries. In the face of this global challenge, the international community should enhance policy coordination, strengthen cooperation and make a common response. At this crucial moment, confidence is more important than anything else. Only with strong confidence and concerted efforts can we weather the crisis.

China appreciates and supports the positive measures taken by relevant countries in response to the financial crisis and hopes they will 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. We will continue to work with the rest of the international community with a sense of responsibility to ensure international financial and economic stability.

Since the beginning of this year, China has taken robust measures to address the complex changes in the global economic environment and the grave challenges from nature. We have maintained relatively fast economic growth and steady development of the financial sector. The fundamentals of the Chinese economy have not changed. On the other hand, however, the global financial crisis has noticeably increased the uncertainties and factors for instability in China’s economic development. We are now confronted with many difficulties and challenges in our economic endeavor. China is a developing country with 1.3 billion people, and the Chinese economy is increasingly interconnected with the global economy. China’s sound economic growth is in itself a major contribution to global financial stability and economic growth. That is why we must first and foremost run our own affairs well. In the light of the changing domestic and international economic situation, we will make our macroeconomic regulation measures more proactive, focused and effective, and make timely adjustments to our policies. We will vigorously expand domestic demand, especially consumer demand, maintain economic and financial stability and stability of the capital market, and continue to promote sound and fast economic and social development.

Ladies and Gentlemen,

Asia and Europe are undergoing profound changes and adjustments. With general political stability and vigorous development of various regional and sub-regional cooperation mechanisms, Asia has become one of the world’s most dynamic regions in terms of development. Europe has made further progress in integration and external cooperation and is playing a greater role in international affairs. At the same time, Asia and Europe are still confronted with many problems and challenges in their pursuit of peace and development. Local conflicts and hot-spot issues crop up from time to time and traditional and non-traditional security threats are intertwined. In particular, we are going through a period when global economic development faces severe challenges from the international financial turmoil, the serious problems concerning energy and food security, and greater inflationary pressure. As economic globalization is gaining momentum, the future of Asia and Europe has been increasingly tied to the future of the whole world, and cooperation between Asia and Europe for win-win progress is our best option. It is therefore most fitting to choose “Vision and Action: Towards a Win-Win Solution” as the theme of this meeting, for it serves the need of the current Asia-Europe relations.

Since its first meeting in 1996, ASEM has made marked achievements in various fields and become an important platform for Asia-Europe dialogue and cooperation. In response to the new requirements of the times, Asia and Europe should make better use of this platform to increase dialogue, expand consensus, enhance trust and deepen cooperation. We should respect each other’s social system, ideology, cultural background and development model, and better appreciate each other’s development policies and goals. We should embrace an open attitude and make full use of our strong economic complementarities to deepen existing cooperation, develop new areas of cooperation and properly handle economic and trade frictions through dialogue and consultations on an equal footing. Asia and Europe should intensify coordination and cooperation to jointly meet global challenges, promote stability in the international energy and food markets, strengthen cooperation in disaster prevention and reduction, actively respond to climate change, work for the attainment of the UN Millennium Development Goals, promote multilateralism and the proper settlement of international and regional hot-spot issues, and advance peace and development of the world. Our two sides should carry forward the spirit of equality, openness and inclusiveness, advocate the harmonious coexistence and mutual learning among civilizations and work together for the prosperity and progress of human civilization.

It is an integral part of China’s foreign policy to strengthen and grow friendly relations and cooperation with countries in Asia and Europe. China will continue to live in harmony and seek common development with other Asian countries, advance mutually beneficial cooperation with the EU and its members, deepen China-EU comprehensive strategic partnership, take an active part in the ASEM process and contribute its share to Asia-Europe cooperation.

Ladies and Gentlemen,

The ancient Silk Road opened by our ancestors represented a splendid chapter in the annals of Asia-Europe relations. Today, we must show greater vision and foresight and bring about new achievements in Asia-Europe cooperation to the benefit of all our people. Let us join hands and make unremitting efforts for a new Asia-Europe partnership and for a harmonious world of enduring peace and common prosperity.

In conclusion, I wish the Seventh Asia-Europe Meeting a great success.

Thank you.