Analysts believed that an unreasonable international monetary system is one of the root causes of the current crisis. Therefore, reform of the global financial system is key to resolving the crisis and preventing it from happening again.

Moreover, China has signed with many countries and regions a series of currency swap agreements whose value totals 650 billion yuan (US$94.3 billion) in efforts to stabilize the world economy.

To strengthen international cooperation, China also stands resolutely against trade and investment protectionism, playing its due role as a responsible power. Chinese leaders have reiterated on many occasions that protectionism would actually hurt everyone in the face of the current crisis.

In a report issued on March 17, the World Bank said that since the outbreak of the financial crisis, countries around the world have mapped out some 78 protectionist measures, 47 of which have been put into practice.

In contrast, the Chinese government has not only organized large-scale overseas procurement, but also offered to wipe out the debts of 46 most undeveloped countries, worth more than 40 billion yuan (some US$5.8 billion).

China has provided more than 200 billion yuan (some US$29 billion) in aid to many countries, and promised to impose zero tax on most of the goods exported to China from most undeveloped countries.

Moreover, China has managed to maintain a basically stable exchange rate for the yuan, showing its strong sense of responsibility toward the international community.

In the face of the crisis, China's attitude of opening up originates from the belief that being energetic and further opening up is not only conducive to its own stable and rapid economic growth, but also contributes to the world's joint efforts to confront the global financial crisis and promote world peace and development.

Right now, human civilization is in a critical stage, in which cooperation is the only choice for all countries. Although the financial crisis has posed unprecedented challenges to the world, it has also brought about historic opportunities for international cooperation.

To this end, China is exerting unremitting efforts to promote international cooperation, as it firmly believes that the hard winter will finally be over, and as long as the international community enhances confidence and steps up cooperation to reverse the tide of the global financial crisis.

(Xinhua News Agency May 2, 2009)