On May 10, 2010, Chinese Premier Wen Jiabao at request held a telephone conversation with his Spanish counterpart Jose Luis Rodriguez Zapatero.
"With the joint efforts of the international community, the world economy is slowly recovering, yet we should never underestimate the seriousness and complexity of the crisis. The international community needs to further enhance cooperation with long-term unremitting efforts," said Wen. He laid out a three-point proposal in battling the crisis. First, strengthen macroeconomic policy coordination, maintain reasonable policy efforts and boost market confidence. Second, address the source of the crisis with targeted efforts, reform the international financial system, strengthen financial regulations, mitigate structural conflicts and maintain the relative stability of major currencies. Third, uphold free trade and oppose protectionism in various forms. Speaking of the sovereign debt crisis troubling a series of European nations at present, Wen said China has noticed the bail-out package provided by the euro zone and International Monetary Fund (IMF) to Greece, adding that China will firmly support these initiatives and believes euro zone countries could overcome these difficulties and grow their economy.
Wen said the two countries and their peoples have shown mutual understanding and support for each other over the years with bilateral ties developing smoothly. Spain is an important economy in the world and a major trading partner of China. Bilateral cooperation in telecommunications, finance and energy has scored tremendous achievements. "Right now, the Spanish government is taking measures to rectify finance, promote economic growth and employment. We support and believe it has the capability and resources to surmount these temporary hardships," said Wen. He added that the Chinese government would like to work with the Spanish government in expanding mutual investment, promote a stable trade growth and enhance coordination and cooperation within the framework of G20 to contribute to a sustained recovery of the world economy.
Zapatero briefed Wen on the measures taken by the euro zone nations on the Greek debt crisis, saying his country, whose economic foundation is solid, is confident in overcoming the current problem. Spain appreciated the understanding and support from China, a good partner, said Zapatero, adding that his country would like to further strengthen communication and cooperation with China bilaterally as well as within the G20 to meet the challenges of the international financial crisis and boost the further recovery and sustained growth of the world economy.