Asiana21

ASIA'S OPPORTUNITY FOR SAY IN A NEW ORDER

Antoaneta Bezlova

Asia Times, October 24, 2008

Cast in the role of global savior in the unfolding financial turmoil, China is hosting a meeting of Asian and European leaders in Beijing this week that is expected to castigate the Anglo-Saxon model of capitalism and press for a reshaped global economic order.

"Can Asia be global economy’s best hope," asked an editorial in China's Economic Observer last week. Noting that Asia hardly played any role during the global economic recovery after the Great Depression of 1929, the paper suggested that the continent’s established and emerging economies constituted the world’s best chance for recovery after the present financial crisis.

More than 40 leaders will converge in the Chinese capital for the 7th Asian European Meeting (ASEM) summit from October 24 to 25 to discuss the global financial crisis and a plan for joint action.

Aside from the 27 European Union countries, the 10 Association of Southeast Asian Nations members, the European Commission, China, Japan and South Korea, the summit will be attended by three other Asian countries - India, Pakistan and Mongolia. The talks will be co-chaired by France, which holds the European Union’s presidency, and China.

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