Chinese Premier Calls for Responsible Action on Debt Crisis

Chinese Premier Wen Jiabao urged developed countries at a business conference Wednesday to handle their debt problems in a responsible way.

Addressing the World Economic Forum in Dalian, China, Wen said his government will do its part to help ease the global debt crisis by maintaining economic stability and boosting domestic consumption.

The Davos, Switzerland-based WEF has brought world leaders and top business executives to China every summer since 2007. This year’s conference comes as weakening demand in the United States and Europe prompted the Asian Development Bank on Wednesday to lower its growth forecast for Asia to 7.5 percent from 7.8 percent.

In opening remarks to the conference, Wen said the major developed countries should face their responsibilities. Wen added that they should handle their debt problems in ways that sustain the confidence of global investors. China is the largest foreign creditor of the United States, and is offering new investments to help prop up Europe.