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Joint SCO efforts urged to beat financial woes

(China Daily)
Updated: 2008-10-31 07:12

Prime ministers representing the Shanghai Cooperation Organization (SCO) member countries poses for a group photo in Astana, October 30, 2008. [Xinhua]

ASTANA: Ensuring the security of China's economy would be the country's most important contribution toward global financial stability, Premier Wen Jiabao told prime ministers from the Shanghai Cooperation Organization (SCO) Thursday.

Related readings:  SCO prime ministers' meeting convenes in Astana

"It is necessary to have greater interaction between our financial and business communities," Wen said. "SCO members must work ... to enhance the coordination of monetary policies and improve financial controls to prevent and neutralize financial risks."

Wen said China would consider issuing loans to members of the organization to ensure food security and support joint projects in the region.

"Because of the increasing relevance of food security, China stands ready to assist SCO member organizations in the establishment of technical facilities for agriculture," he said.

Food prices have soared across the region over the past year as a result of increasing energy costs and disappointing harvests.

The SCO, an inter-governmental organization founded in Shanghai in 2001, groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Pakistan, India, Iran and Mongolia are observer nations.

Wen arrived here Wednesday evening on a three-day official visit to Kazakhstan, the second leg of his two-nation tour after Russia.

Agencies - Xinhua