Chinese President Hu Jintao on Friday called on all countries to enhance confidence, strengthen coordination and take effective measures to tackle the ongoing global financial crisis.

Addressing the APEC Chief Executive Officers (CEO) Summit, President Hu said the ongoing financial crisis has caused shockwaves in the international financial markets and seriously affected the economic development and people's livelihood of all countries.

An effective response to the financial crisis and the maintenance of global economic stability are crucial to global prospect of growth and the immediate interests of all countries, the Chinese president said.

At this critical juncture, countries should enhance their confidence and coordination, cooperate closely and take prompt and effective measures, including necessary fiscal and monetary means, to stop the spread and development of the financial crisis, promptly stabilize the international financial markets, minimize the damage on real economy, bolster world economic growth and safeguard the common interests of people of all countries, Hu added.

Hu said China welcomes the positive measures taken by relevant countries to tackle the financial crisis and hopes they will produce the desired results soon.

With a sense of responsibility, China will continue to work with the rest of the international community to enhance cooperation and preserve stability in international financial markets, he said.

China, on its part, is doing its best and has adopted a number of important measures, including ensuring the stability of its banking system, providing necessary liquidity support to the financial markets and institutions and enhancing macroeconomic policy coordination and cooperation with other countries, Hu said.

Hu added it is imperative to step up international cooperation in financial regulation and enhance the early-warning and regulatory capacities.

China will continue to promote the building of a sustainable international economic system, an inclusive and orderly international financial system, a just and equitable international trading regime and a fair and effective global development system, Hu noted.

Hu arrived in Lima Wednesday for a state visit to Peru and for the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum slated for November 22-23.

(Xinhua News Agency November 22, 2008)