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China calls for reform of global financial system

(Xinhua)
Updated: 2008-10-29 15:54

China on Tuesday called for "effective and comprehensive reforms" of the international financial system, elaborating on its stance in response to the on-going international financial crisis.

"The financial crisis has exposed the drawbacks and deficiency of the current international financial system," Chinese Foreign Ministry spokeswoman Jiang Yu said at a regular press conference when asked by a journalist to elaborate on China's stance on the reform of global financial system.

She said the international community should, from a long-term point of view, conduct effective and comprehensive reforms of the international financial system, based on full consultation by all stakeholders.

"The international community should promote the building of a fair, equitable, inclusive and orderly international financial system, to provide an effective guarantee for the sustained stable development and prosperity of world economy," she added.

She noted that China called for closer cooperation on international financial supervision management. China also appealed for reforms of international financial organizations, to increase the representation and say of developing nations in those organizations, she said.