On November 29, 2009, Chinese Premier Wen Jiabao met in Nanjing with Euro Group President and Luxembourg Prime Minister Jean-Claude Juncker, European Central Bank President Jean-Claude Trichet and European Union Economic and Monetary Affairs Commissioner Joaquin Almunia, exchanging in-depth views with them on such issues as the world economic situation and currency and exchange rate policies.

Wen said facing the impact of global financial crisis, China had maintained its stable economic growth by expanding domestic demand while working to stabilize external demand. Currently, the priority of macroeconomic policies of all nations is still to cope with the crisis and stimulate economic growth. "An early withdrawal would lead to a loss in what we have achieved," said the Chinese premier. He also said China and the European Union, two major economies in the world and important trade partners, should jointly fight against trade and investment protectionism with concrete actions.

Juncker said that the Chinese government's active response to the global financial crisis and the positive results it has achieved were very impressive. The EU appreciates China's policy to expand domestic demand and hopes for a stable, sustainable development of China's economy, which is "in the best interest of both Europe and the world". Given the unstable and uncertain factors in the current world economy, the moment has not yet arrived for withdrawing the stimulus package for both China and the European Union. The EU side also reaffirmed opposition to trade protectionism.

China has maintained the stability of the exchange rate of the Renminbi (RMB), making an important contribution to global financial stability and economic development, Wen said. He said China will continue to enhance the flexibility of the RMB exchange rate, acting on its own initiative and in a controllable and gradual manner, and keep it basically stable at reasonable, balanced levels. China hopes the world's major reserve currencies will also maintain stability.

Juncker said that the world's major reserve currency countries should take their responsibilities and improve their fiscal and monetary conditions. The EU is ready to strengthen communication and coordination with China on monetary policies.