World all 'in same boat' over economy - Chinese PM

LONDON: Chinese Premier Wen Jiabao vowed Monday urgent and coordinated action to avert a global economic "disaster," saying the world is all "in the same boat," as he neared the end of a five-nation European trip.

Holding talks with British Prime Minister Gordon Brown in London, Wen underlined the need for confidence as much as specific measures to deal with the international slowdown.

"This financial crisis is a global one. No single country can remain immune and address this in isolation. We are sitting in the same boat and we need to all work together to overcome the difficulties," he said.

Lamenting that in the world of high finance had "been using excessive leverage to pursue exorbitant profit," he added: "When bubbles burst, the world is exposed to disaster."

"Such hard lessons need to be learned. From this moment on we need to enhance transparency of financial regulations."

He urged swift action to address the situation.

Wen's first trip to Britain since 2006 marks the end of a high-profile visit to Europe that has taken him to Germany, Spain, the EU headquarters in Brussels and the World Economic Forum at Davos, Switzerland.

Tuesday, AFP