Wen urges int'l community to work for recovery

TIANJIN - Chinese Premier Wen Jiabao on Tuesday called on the international community to work jointly for an early steady recovery of the world economy.

Speaking at the opening ceremony of the 2012 Summer Davos Forum, Wen said that the world economy still meets difficulties and challenges.

With the theme of "Creating the Future Economy," the three-day forum took place in northern Chinese port city of Tianjin and gathered about 1610 delegates worldwide.

"The international financial crisis has entered its fifth year, yet its underlying impact is still with us," he said, noting that advanced and emerging economies alike are all experiencing an economic slowdown, while the sovereign debt crisis in some countries continues to develop.

International financial and commodity markets are undergoing greater fluctuations, market expectations remain low and the downward risks in the global economy are not to be underestimated, Wen added.

However, the premier said, "We should recognize that major economies and international organizations are forging a broad consensus and taking focused measures to address the prominent challenges in the domestic, regional and global economies."

"It is all the more important for us to boost confidence and stick together to meet the difficulties head-on," he said.

Wen said that confidence provides a source of strength and technological innovation offers a fundamental means to overcome the crisis and green development is the main goal of economic transformation and opening-up and cooperation is an irreversible trend of the world.

The premier urged the international community to strengthen macroeconomic policy coordination, push forward reform of the global governance structure, resolutely oppose trade and investment protectionism, as well as advance trade and investment liberalization and facilitation.

Wen also called on entrepreneurs of all countries to invest more in technological R&D and product innovation, vigorously develop green industries that are energy efficient and environment-friendly, create new market demand and growth areas, and bring about an all-win outcome where businesses boom, industries get stronger, the economy prospers and society progresses.

"I have full confidence in the bright future of the Chinese economy and world economy," the premier said, calling on the international community to work closely together to disperse the shadow of the international financial crisis.

The forum was initiated according to a joint proposal by the Geneva-based World Economic Forum and the Chinese government. The northern Chinese port cities of Dalian and Tianjin have hosted the forum in turn since 2007.