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Address by H.E. Mr. Yu Qingtai on the 20th European Banking & Financial Forum (Fulltext)

2012-03-29 03:26

(Prague,March 27th, 2012)

Honorable Mr. Chairman,

Distinguished participants,

It is a great honor for me to join such a distinguished group of panelists to address this important event.

As the process of globalization continues to move forward, China-European relations are increasingly assuming a global significance far beyond China and the Continent of Europe. The impact from the current European sovereign debt problem has reached far and wide, further highlighting the mutually dependent nature of relations among the countries in the world today, including of course between China and Europe. In this context, I wish to emphasize that this increasing inter-dependence should be a source of confidence that would encourage us to work together all the more closely in responding to common challenges.

The European Union remains the largest economic entity in the world today, and continues to be the largest trading partner for China. We in China have always taken a strategic and long-term view with regard to our ties with the EU. We continue to believe that a stable and dynamic European Union is conducive to global peace and development. We are happy to see that China and Europe have become indispensable partners in our respective development processes, with a broad and sophisticated framework of dialogue and cooperation.

The current European sovereign debt crisis continues to be the focus of attention. The direction in which it evolves will be extremely important not only for Europe, but also for the world. We in China will continue to support the efforts by Europe to respond effectively to the current crisis and to stabilize the Euro Zone, including through bilateral arrangements, as well as through multilateral institutions, such as the IMF. We in China will continue to work with the EU and its member countries to further expand our cooperation in trade, investment, finance and other sectors, with a view to contribute, not only to the revitalization of the European economy.

We in China have confidence in Europe. We believe that Europe will, as it did many times in history, emerge from the current crisis stronger, with greater determination and capacity to move forward. It is of critical importance that Europe has confidence in itself, and in its own future.

Mr. Chairman, distinguished panelists,

The key words for this panel are confidence and vision. I wish to share with you some of my views on how China and Europe can jointly look into the future with confidence.

At the international political level, I see China and Europe working closely together to build a harmonious and inclusive world, where new concepts of security and creative management of conflicts and crises will prevail, so that all countries can focus on development and progress in an environment of peace and partnership.

At the economic level, I see major expansion in trade and investment between China and Europe, in a partnership where one plus one is significantly greater than two. In close collaboration, China and Europe can be a powerful engine that will pull the world economy forward.

At the social level, I see China and Europe continue to conduct dialogue on a wide range of social issues, including sharing experiences on civil-society building, better health care, and ways and means to ensure that all sectors of society enjoy the fruits of economic and social development on a more equitable basis.

At the cultural level, I see millions more people, tourists, students, artists and musicians traveling in each direction, sightseeing, shopping, studying, holding art exhibitions and concerts, all contributing to a significantly enhanced level of mutual understanding among the people of China and Europe.

At the environmental level, I see China and Europe working hand in hand to achieve green and low-carbon development, to expand the use of new and renewable sources of energy, and to fight pollution in general, so that together, we can leave a better and more beautiful world to further generations.

To turn vision into reality, we need confidence in ourselves and each other, and readiness to work together. Working together, China and Europe can perform wonders.

Thank you for your attention.

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