Have a big say in international affairs

Finally, Wen said, Asia should enhance collaboration and coordination in international affairs and promote world peace, stability and prosperity.

"We should advance reform of the international financial system, increase the representation and voice of emerging markets and developing countries, strengthen surveillance of the macroeconomic policies of major reserve currency issuing economies, and develop a more diversified international monetary system," he said.

To Asia, it is more practical to take two initiatives, according to Fan Gang, a leading Chinese economist. First, in the arrangement of international system, it should encourage the existence of and competition among multi currencies. Second, it should supervise the over issue of US dollar through international cooperation or the establishment of a certain consultation mechanism.

More than 1,600 political leaders, business people and academic scholars gathered in the island resort for the conference, which will conclude on Sunday.

Leaders attending the event include Iran's First Vice-President Parvis Davoodi, Myanmar's Prime Minister Thein Sein, Vietnam's Prime Minister Nguyen Tan Dung, Papua New Guinea's Prime Minister Michael Thomas Somare, Kazakh President Nursultan Nazarbayev, Pakistan's President Asif Ali Zadari, Albania's Prime Minister Sali Berisha, Mongolia's Prime Minister Sanj Bayar, and New Zealand's Prime Minister John Key.

Delegates have discussed the effect of the crisis on Asia, the steps taken by Asia to weather the challenges effectively, the role of emerging economies in reforming the global financial system, and the balance between financial regulation and innovation.

BFA was established in 2001 as a platform for high-level interaction between political and business leaders from Asia and around the world. It is aimed at promoting the development goals of Asian countries through greater regional economic integration.

(Xinhua News Agency April 18, 2009)