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Wen's view was echoed by Iran's first vice president Parvis Davoodi, saying the Asian financial system should be integrated, and the region needs its own currency.
The vice president said the international financial system should not only reflect the interests of a few countries. Emerging economies should play a bigger role in reshaping the global financial institution.
To Asia, it is more practical to take two initiatives, according to Fan Gang, a leading Chinese economist. First, they should encourage the existence and competition among multi currencies. Second, they should supervise the over issuance of U.S. dollar through international cooperation or the establishment of a certain consultation mechanism.
EXTENSIVE PARTICIPATION
More than 1,600 political leaders, business people and academic scholars gathered in the island resort of Boao for the conference, which will conclude on Sunday.
Leading political figures attending the event included 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.
Also present were Donald Tsang, chief executive of China's Hong Kong Special Administrative Region; Edmund Ho Hau Wah, chief executive of the Macao Special Administrative Region; and Fredrick Chien, chief advisor of Taiwan's Cross-Straits Common Market Foundation.
From Friday to Sunday, 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.
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