US, China should joinly reform world financial system

(xinhua)
Updated: 2007-11-25 11:16

The United States and China should join hands in an effort to reform the world financial system, which has currently entered the most deadly crisis in recent centuries, a renowned US economist said Saturday.

"The end of the present world monetary-financial system is inevitable, unless the system is replaced by a new world system during a relatively brief, remaining time available," said Lyndon LaRouche at a luncheon at the Forum on US-China Relations and China's Peaceful Reunification.

LaRouche, also a famous political activist, said the present international financial crisis could only be brought under control when major countries like the US and China cooperate.

"Whenever a powerful combination of national governments can arrive at a suitable agreement to change a failed financial-monetary system, a solution for any modern financial crisis can be found," he said.

He said that the United States should propose to form an initial sponsoring group made up of the governments of the US, China, Russia and India, therefore to rally a majority of nations in order to stabilize the world system.

LaRouche lamented that all evidence has confirmed the current crisis, notably the recent collapse of the US dollar' exchange rates against other major currencies, but nothing visible had been done so far by any government to change the world financial system to solve the problem.

The forum, jointly organized by several local Chinese-American, gathered nearly 100 government officials, scholars and activists form the US and China, who were expected to discuss issues on US-China relations and their implications on the Taiwan issue during the two-day event.

"The Taiwan question remains the sensitive core issue in China-US relation," said Zhang Yun, consul general of China in Los Angeles, while speaking earlier at the forum's opening ceremony.

(For more biz stories, please visit Industry Updates)