World powers should orchestrate economic policy to revive economy

3/10 Tass 18

ATHENS, October 3 (Itar-Tass) - World powers should orchestrate their
economic policies to buttress economic growth, said in a joint statement
Greek and Chinese premiers George Papandreou and Wang Jiabao, which was
adopted by the results of their talks here on Saturday.
"The world economy shows signs of gradual upgrade, but uncertainties
persist as before," it notes. "All countries should closer coordinate the
macroeconomic policy so that the world economy would fully restore."
The document stressed that China supports efforts by the European
Union to reinforce control over rating agencies, over publication of
info9rmation on their operation and establishment of a similar European
agency. Greece and China also came out against trade protectionism. "The
continuation of talks in Doha, Qatar, on trade questions is an important
move for opening the world economy and consolidating economic growth," the
premiers emphasised.
China promised to start again purchasing Greek state securities when
it begins floating them in financial markets in order to back Greece's
efforts to pull out of the financial crisis. Athens receives credits, for
the time being, under the three-year programme of the EU and the
International Monetary Fund to a total sum of 110 billion euros, having no
possibility to draw funds thanks to long-term state bonds over their
present very high interest rate.
The Greek Finance Ministry hopes to start placing long-term securities
on the free market in 2011 as it fulfils programme of financial rebound.
Wang Jiabao also said that Chine wants to expand cooperation with
Greece in all directions, including formation of a special Greek-Chinese
fund for shipping development, in which Beijing intends to invest five
billion US dollars. "The aim of the fund will be to render financial aid
to Greek ship owners to purchase Chinese ships," the Chinese premier said.
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