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Even before the start of the 7th Asia-Europe Meeting (ASEM 7), the attention of participants and media representatives covering the event appeared to focus on the growing problem that threatens the global economy.

The Beijing summit is viewed as a timely platform for inter-regional dialogue about the problem as political leaders from 43 Asian and European countries, as well as chiefs of the European Commission and the Asean Secretariat come together.

One defect is the fact that the US is not part of the forum, which encompasses 27 European Union countries, 10 member states from the Association of Southeast Asian Nations (Asean), China, Japan, South Korea, India, Pakistan and Mongolia, as well as the Asean Secretariat and the European Commission, which is the EU’s executive body.

The leaders gather at the Great Hall of the People, near Tiananmen Square, for their summit. High on their agendas are the financial crisis, climate change, and energy and food security.

European Commission President Jose Manuel Barroso, in Beijing to attend the summit, called for a coordinated global response to reform the international financial system in order to overcome the downturn. He also asked China, this year’s ASEM host, to play a larger role and have a greater say in creating a new global financial order.

China, with the world’s largest foreign reserves of over $1,900 billion, is being wooed by both the European Union and the United States to play a more active role in a bid to overcome the economic downturn.

US Treasury Secretary Henry Paulson, describing China as “an important engine” for the world economy, said China would play a “constructive and cooperative role” in global efforts to deal with the financial crisis. Paulson also reportedly urged the Chinese government to buy more US treasury debts and other financial assets to help stabilise the US market.

French President Nicolas Sarkozy said that he would urge China and India, which are among the world’s fastest-growing economies, to take greater responsibilities in stabilising the world economy.

Earlier, China’s Vice President Xi Jinping called for more international cooperation to resolve the financial crisis while he was addressing the Asia-Europe Business Forum on Wednesday.

Liu Jianchao, spokesman of China’s Ministry of Foreign Affairs, was also bombarded with questions about the financial crisis during his press conference on Thursday night.

He said that he did not believe there was any anti-American sentiment at ASEM as a result of the financial crisis originating in the US, adding that “I don’t think it’s correct”.

The spokesman said Asia and Europe promised to work with the US in tackling the problem together. “I think the US will also do the same,” he said.

During a dinner hosted by Thai Prime Minister Somchai Wongsawat in Beijing on Thursday evening, Asean leaders informally discussed the financial crisis and possible measures to address the problem, in their countries as well as in the region.