Press urges Asian unity in crisis

The Asia-Europe summit was broadly welcomed by Asian newspapers

Press commentators in Asia are calling for unity as the effects of the global financial crisis on the regional economy threaten to rival those of the 1997-98 economic meltdown.

Editorials in Japan and China contend that the crisis demonstrates the need for a global economic system that better integrates emerging economies.

A Beijing-based daily welcomes the commitments to greater co-operation made at the Asia-Europe forum meeting, a sentiment Japan's largest-circulation newspaper echoes.

Two South Korean papers stress the need for unity in the domestic response to the crisis, while an Indonesian daily suggests reviving the idea of an East Asian community.

EDITORIAL IN CHINA'S BEIJING TIMES

Asem [The Asia-Europe meeting] has made clear Asian and European leaders' determination to stand together to tackle the global financial crisis... Clearly, at this crucial moment, only with strong confidence, concerted efforts and shared responsibility can we find a solution to the global challenge confronting all of us.

EDITORIAL IN JAPAN'S DAILY YOMIURI

Asia and Europe have pledged to strengthen their co-operation to avoid a further chain reaction as a result of the crisis. The Asem statements have been criticised as lacking substance. But it can be said that the Asem meeting produced good results, considering the fact that the participants shared a sense of crisis and issued a strong message to the world.

RAMESH THAKUR IN THE JAPAN TIMES

It is hard to imagine any major global challenge that can be effectively addressed without involving, for example, all three Asian giants: China, India and Japan ... A new architecture of global governance for the 21st Century must bring together the existing G8 (G7 plus Russia) and the major emerging markets of Brazil, China, India, Mexico, South Africa as well as Saudi Arabia and/or Indonesia.

EDITORIAL IN HONG KONG'S SUNDAY MORNING POST

When Washington, London and Brussels talk about the need for a more inclusive global financial structure, they still assume they will rewrite the rules for emerging economies to follow. This needs to change. Developing countries should contribute their own ideas and agendas. As the pre-eminent emerging power, China should seize this historic opportunity... Beijing must realize that helping to make the Western-dominated global system more equitable for emerging economies is in its own interests.

EDITORIAL IN THE KOREA TIMES

It is time for all economic players - government, businesses and consumers - to work together to prevent the roaring financial firestorm from battering the real economy. The Lee administration is in crisis management mode. But it must not forget that abuse or misuse of emergency measures may do more harm than good. The credit crisis cannot be solved just by printing money.

EDITORIAL IN THE KOREA HERALD

There is no disputing that the nation is in a crisis that threatens to rival the 1997-98 financial meltdown. There will be no easy way out of this ... The Finance Ministry, the Bank of Korea and the Financial Services Commission will have to huddle together to hammer out a comprehensive contingency plan. They will have to maintain unity in their policy proposals.

ENDY BAYUNI IN INDONESIA'S JAKARTA POST

Now should be the time to bring back the idea of building an East Asian community from the drawing board. This is certainly much more productive and useful than indulging in self-defeating protectionism.

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