This weekend concluded the Seventh Asia-Europe Meeting held in Beijing. The Summit was attended by the Leaders of sixteen Asian countries and twenty-seven European countries that together comprise approximately 50% of the world GDP and 58% of the world’s population. Also in attendance were the President of the European Commission and the Secretary-General of the ASEAN Secretariat.

The theme of the Summit was “Vision and Action – Towards a Win-Win Solution,” and the Leaders in part addressed the present financial challenges faced by both continents in light of the global economic crisis. Mr. José Manuel Darão Barroso, President of the European Commission acknowleged in his address that, “[t]he recent global financial crisis has acutely emphasized the need for a more comprehensive dialogue, deeper understanding and more substantive coordination amongst world leaders.” Chinese Premier Wen Jiabao, also stated that “[l]essons should be learned from the financial crisis, and the responsibilities should be clarified for governments, companies and supervision respectively.”

On Saturday, the leaders attending the Summit issued a joint statement , in which they urged government authorities of all countries to “take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis,” in addition to pursuing, “responsible and sound monetary, fiscal financial regulatory policies.” The member countries also called upon the IMF to “play a critical role in assisting countries seriously affected by the crisis, upon their request.”

Chinese Premier Wen Jiabao stated that China “would actively attend the summit on the financial crisis” to be held on November 15th, in Washington among the leaders of the Group of 20 countries.