US President George W. Bush called on world economies to keep market open and reject protectionism to overcome the ongoing global financial storm.

The world leaders must maintain "the power of free market," Bush said in a speech at the Asia-Pacific Economic Cooperation (APEC) Chief Executive Officers (CEO) Summit, held in Lima, the Peruvian capital.

The APEC meeting comes at a time of "economic turmoil and unprecedented cooperation," Bush told an audience of presidents, ministers and entrepreneurs from the Asia-Pacific region.

Rebuilding confidence is the only way to regain strength and sustain economic growth, Bush said.

The president called for "unity and determination" among world leaders to take action to modernize financial structure, strengthen transparency and integrity of market, and enhance financial regulations and oversight.

Rich countries and emerging economies, which have contributed increasingly to the world economy, must "sit at the same table" for dialogue, Bush said.

The president said he does not hope to solve crisis in a two-day meeting, but expects the leaders to take initiatives that could "lay the foundation for success."

"We can change the challenges into an opportunity for Asia-Pacific and beyond," said Bush, who arrived in Lima on Friday for the APEC leaders' meeting on Saturday and Sunday.

(Xinhua News Agency November 23, 2008)