On January 28, 2009, Chinese Premier Wen Jiabao delivered a special message at the World Economic Forum Annual Meeting 2009, appealing to the international community to strengthen confidence and work together for a new round of world economic growth.

Wen said the ongoing international financial crisis has landed the world economy in the most difficult situation since last century's Great Depression. In the face of the crisis, countries and the international community have taken various measures to address it. These measures have played an important role in boosting confidence, reducing the consequences of the crisis, and forestalling a meltdown of the financial system and a deep global recession. This crisis is attributable to a variety of factors and the major ones are: inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in a blind pursuit of profit; lack of self-discipline among financial institutions and rating agencies and the ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations, which allowed the risks of financial derivatives to build and spread. As the saying goes, "A fall in the pit, a gain in your wit," we must draw lessons from this crisis and address its root causes. In other words, we must strike a balance between savings and consumption, between financial innovation and regulation, and between the financial sector and real economy.

Wen said the current crisis has inflicted a rather big impact on China's economy. We are facing severe challenges, including notably shrinking external demand, overcapacity in some sectors, difficult business conditions for enterprises, rising unemployment in urban areas and greater downward pressure on economic growth.

Will China's economy continue to grow fast and steadily? Some people may have doubts about it. Yet I can give you a definite answer: Yes, it will. We are full of confidence. Where does our confidence come from? It comes from the fact that the fundamentals of China's economy remain unchanged. Our confidence comes from the fact that the long-term trend of China's economic development remains unchanged. Our confidence also comes from the fact that the advantages contributing to China's economic growth remain unchanged.

Wen said the global financial crisis is a challenge for the whole world. Confidence, cooperation and responsibility are key to overcoming the crisis. Confidence is the source of strength. In tackling the crisis, practical cooperation is the effective way. To prevail over the crisis, accepting responsibilities is the prerequisite. It is imperative that we implement the broad agreement reached since the G20 Summit on Financial Markets and the World Economy. We should not only take more forceful and effective steps to tide over the current difficulties, but also push for the establishment of a new world economic order that is just, equitable, sound and stable.

Wen raised a five-point proposal on enhancing international cooperation to cope with the global financial crisis. First, deepen international economic cooperation and promote a sound multilateral trading regime. Second, advance the reform of the international financial system and accelerate the establishment of a new international financial order. Third, strengthen international cooperation in financial supervision and regulation and guard against the build-up and spread of financial risks. Fourth, effectively protect the interests of developing countries and promote economic development of the whole world. Fifth, jointly tackle global challenges and build a better home for mankind.