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European Commission Urges China to Support Global Financial Reform བོད་སྐད།


European Commission President Jose Manuel Barroso says he hopes China will be an active participant in efforts to reform the global financial system.

Barroso and leaders from more than 40 Asian and European nations are gathering in Beijing for a two-day summit that begins Friday. The talks are to focus on the world's economic troubles.

Barroso says Thursday Asia needs to be "on board" with international financial reform.

But, he adds that the financial crisis is not the only cause of a larger global economic slowdown. He suggests imbalances and problems with some nations' monetary policies are contributing to the problem.

China has nearly two-trillion dollars in foreign currency reserves and is under pressure to allow its own currency to appreciate.

Western governments also hope Beijing can stimulate domestic consumption to limit the damage from slowing demand in Europe, Japan and the United States.

Chinese leaders say they are paying close attention to the global crisis and are considering what measures are needed to maintain stability.

During the Asia-Europe summit, officials will also discuss climate change and sustainable development.

Europe wants advanced developing countries such as China to make more substantial commitments to reduce greenhouse gas emissions.

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