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Former Vice Premier: world economy facing long recovery

By Liu Baijia and Zheng Lifei (chinadaily.com.cn)
Updated: 2009-07-03 11:08

Special Coverage: Global Think Tank Summit  Related readings:  Global Think Tank Summit opens in Beijing  China kicks off Global Think Tank Summit in Beijing  Premier meets dignitaries ahead of think-tank summit About Global Think Tank Summit

Recovery of the global economy will be a long and zigzagged one this time, and the international community should gradually push the global financial regulation system reform forward to prevent a similar crisis from happening again, a former Chinese Vice Premier said today.

The international community should find workable solutions from the G20 Census reached earlier this year at the London Summit and gradually implement them, Zeng Peiyan, head of the China Center for International Economic Exchanges (CCIEE), said today at the Global Think Tank Summit. The former Chinese Vice Premier added that the role of a currency swap should be given full play and its scale should be expanded.

Zeng also proposed the establishment of a regional currency in East Asia to cope with potential risks.