BEIJING - MEASURES to date by governments around the world have not been enough to tackle the global financial crisis, Premier Wen Jiabao said on Saturday.

Confidence, cooperation and responsibility were the key to a solution, Mr Wen told a news conference at the end of a two-day summit of 43 Asian and European leaders.

'We need to enhance cooperation between all countries, because only with cooperation can we create the strength to overcome hardships,' Mr Wen said.

Governments must use all available tools to prevent the crisis from harming the global economy, the premier said.

'Confidence means that all countries, especially the developed ones, need to speedily take decisive measures to stabilise the financial markets so as to make people more confident, restore their confidence,' he added.

Mr Wen said countries needed to strike the right balance between innovation and regulation and between savings and consumption.

'We need financial innovation, but we need financial oversight even more,' he said.

The financial crisis has injected urgency into the a biennial Asia-Europe Meeting (Asem) of 27 EU member states and 16 Asian countries, a talking shop usually shorn of substance.

Mr Wen said China would participate in a financial crisis summit that US President George W. Bush will convene next month in Washington.

Beijing would take a pragmatic, cooperative approach, he said.

Wen acknowledged that the 15-month-old credit crisis has had an impact on China's economy, the world's fourth-largest, but the direct fall-out has not been that great.

China was confident that, with appropriate policies, it could maintain fairly fast, steady growth.

The top priority of Chinese economic policy makers was to try to expand domestic demand, but it would take time for stimulus measures to feed through into faster growth, he added. -- REUTERS