Chinese Premier Wen Jiabao said in Helsinki on Monday that globalization not only brought valuable opportunities, but also caused great challenges for Asian and European countries.

Addressing the closing ceremony of the Asia-Europe Meeting (ASEM) summit, the Chinese Premier said Asia and European countries should strengthen their coordination and cooperation to raise their competitiveness and ability to prevent risks.

He said the developed countries should help the developing countries with debt-relief, finance, technology and aid, to increase their ability to face the wave of globalization.

He urged Asian and European countries to build transparent, reasonable and open multilateral trade systems.

He said the developed countries should show the political will and more flexibility in reducing agricultural compensation and tariffs, to pave the way for resuming the Doha world trade talks under the World Trade Organization.

Wen said that the ASEM members should strengthen their coordination in their fiscal policy and regional monetary cooperation to promote an orderly flow of international funds and improve the investment environment.

Source: Xinhua