EU Commission President Jose Manuel Barroso’s Speech
At China National School of Administration
Beijing, 23 October 2008
2008年10月23日于北京
Ladies and gentlemen,
I am delighted to be back in Beijing for the 7th ASEM Summit and to be given this opportunity to address this important school that nurtures your nation’s leaders of tomorrow. I am particularly pleased since the European Commission has had the opportunity to support this school.
But let me begin by commending you all for the successful Olympic Games. These Games brought today’s China into homes around the world. It is a vivid picture of a dynamic society undergoing tremendous change. It is a picture that those who were able to attend the Games will carry with them forever. I am convinced that the Games brought the world and China closer together. This is something we should build on for the future.
As you all know, we live in dynamic, and sometimes even dramatic, times. I will try to outline some of the main challenges ahead of us-and how they can be met through increased cooperation, as China and the EU have a very important word to say in the way we can, collectively, find global solutions for global problems.
In the last month we have witnessed a financial crisis on a scale not seen for many decades. We have seen stock-markets plummet and banks taken over by national governments. Hard-earned savings have disappeared; well-known institutions have ceased to exist overnight.
The financial crisis has shown how interdependent we have become. What began as a seemingly isolated issue with sub-prime loans in the United States a year ago gradually spread, showing once again that in the world economy of today, markets and investments know no boundaries.
The handling of the crisis has demonstrated that we need more and better long term coordination to ensure transparency and confidence in the market. In order to cushion the impact of the financial crisis on the real economy, we also need to sustain domestic demand and to further promote international trade. Here China’s contribution to world economic activity is crucial.
We believe that this crisis was not only about the problems of some financial institutions. The crisis also shows the risks of some macroeconomic imbalances and point to problems with the fundamentals of the global economy.
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