(Xinhua)
Updated: 2008-01-25 09:12

"The plummeting of stock markets throughout the world in the past few days speak eloquently of how much the market is worried about a possible slowdown or even recession of the US economy," he said.

Financial risks spread faster than before, and one single financial and economic event in a country could cause chain reactions in other parts of the world, he said.

The sub-prime mortgage crisis which broke out in the United States has hurt many transnational financial institutions and its adverse impact on countries concerned has start to be felt, he elaborated.

He expressed his concerns that the prices of primary products are still rising and have raised production cost and consumer spending and led to more inflationary pressure in the world.

Turning to trade protectionism, the Chinese vice-premier said that some countries have raised non-tariff trade barriers and imposed more restrictions on foreign investment.

Such practices hurt the interests of exporters, producers, investors, importers and consumers alike and will ultimately harm the common interests of all countries, he said.

He promised that China are ready to work with the international community to address these risks and meet the challenges and contribute to economic stability and sustainable development in the world.

He noted that since joining the World Trade Organization, China has honored its commitments.

China's average tariff level has dropped from 15.3 percent of the pre-accession years to the current 9.8 percent, and China has abolished non-tariff measures, he said.

"We will continue to promote trade and investment liberalization and facilitation," he said.

While stressing that peace, development and cooperation represent the irresistible trend of the times, Zeng said China will pursue win-win cooperation with foreign nations and accommodate the legitimate concerns of other countries, especially the developing ones.

"We will work with all countries, international organizations and people from all walks of life to harness the power of collaborative innovation, pursue win-win cooperation, seize the opportunities together and share the benefits of development, meet challenges and work hard for global prosperity and progress," said the Chinese official.

The five-day WEF annual meeting started in this Swiss ski resort on Wednesday under the principal theme of "the Power of Collaborative Innovation."

The event drew the world's political and business elite, including 27 heads of state or government, and more than 110 government ministers.

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