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BEIJING — The global financial crisis is still spreading and the world economy is going to get worse before getting better, China's Vice Premier Wang Qishan said in a commentary published Friday.
In an article about cooperation between China and Britain in the Financial Times newspaper, Wang, a top Chinese financial official, said the countries should take stronger measures to stimulate an early recovery of the global economy.
"To overcome the current difficulties, it is essential to convert confidence into credit in the market and quickly recover functions of the financial markets," he wrote in the article.
China's 4 trillion yuan ($586 billion) government stimulus package has produced initial results, Wang said, and there has been a "positive change" in the economy.
"Things are better than previously expected," he wrote.
Wang is in Brussels for annual trade talks between China and the European Union, its largest trading partner, that started Thursday.
He told EU officials the Chinese government will send several business delegations to Europe to repeat a February shopping trip where they spent $13.6 billion on contracts in Germany, Britain, Spain and Switzerland.
In the editorial Wang called for the establishment of a unified set of standards for financial regulation, with "due consideration" to the different stages of development of various economies.
A global financial risk early warning system should also be set up "as soon as we can," Wang wrote.
The global financial system should be improved, including the valuation of complex financial products, the credit rating system, internal risk management systems and governance structure, he said.
Exchange rates should also be kept stable through coordination between countries, to ensure financial stability, he said.
