Anchor: The Boao Forum for Asia Annual Conference 2009 opens on Saturday with political and business leaders seeking the "Asian value" in tackling the global economic turmoil.

Shuang Feng has the details.

Reporter:
Chinese Premier Wen Jiabao delivered a keynote speech at Saturday's opening ceremony of the forum, talking about the steps China has taken to cope with the global financial crisis.

He said China's stimulus package plan is already "paying off," and positive changes have taken place in the economy.

"We place the emphasis of our policy on expanding domestic demand. We strive to ensure fast growth of investment and stimulate consumption. We have turned to domestic demand to support economic growth. Meanwhile, we still actively make use of exterior demand. In this way, we intend to transform our economy towards a more balanced growth pattern."

The latest government figures indicate China's gross domestic production rose 6.1 percent in the first quarter of this year, a "better than expected" situation.

Yet the premier warned that China's economy still faces difficulties in light of the gloomy global economy as a whole.

"We should not lose sight of the fact that the international financial crisis is still spreading, the basic trend of world economic recession is not reversed, problems in the financial system remain unsolved, and the worsening of the real economy has been more serious than expected. The global economic recovery may be a long and tortuous process."

He said China would continue to work with other Asian countries to tackle the challenges and advance cooperation.

"Asian countries should not only handle their internal affairs alone. We should also strengthen cooperation and work together for the common prosperity of Asia. I pledge to you that China is an active participant and builder of Asian cooperation."

Fidel V. Ramos, chairman of board of directors of the Boao Forum for Asia and former president of Philippines, agreed with the premier.

"This global crisis calls for global solutions, and countries must take proactive approaches and actions and support closer international cooperation. The crisis has not pushed us apart. Rather, the crisis has brought the leaders of Asia-Pacific and the rest of the world closer together. And bringing people together is what the Boao Forum for Asia is about."

Asia is one of the most dynamic and promising regions in the world economy.

The region contains 60 percent of the world's population and accounts for a quarter of the global economy and a third of global trade.

But the financial strain that originated in developed countries has challenged Asia with sluggish exports, shrinking demand for its goods and fewer jobs.

Despite these severe challenges, Premier Wen Jiabao said the interest of Asian countries should be better represented in the global financial system.

Shuang Feng, CRI news.