Asia and Europe's economic front

CNN's John Vause reports leaders from Asia and Europe agree on plan to overhaul financial system

And so it now, it has come down to this: dozens of leaders from Asia and Europe beating apart to Communist China to find a solution to the greatest crisis capitalism has faced in more than 70 years. This meeting was planned in Beijing long before the credit crunch. But the symbolism seems unmistakable. China, the economic superpower of tomorrow, will play a major role in solving the economic mess of today.

Europe and Asia have come together in Beijing at the time of global crisis. And indeed, we are, in the moment, we're, we need global team work. As I said, two days ago, we seem, swim together, ah, we think together.

And now, these leaders want new rules for global finance.

We need even more financial regulation to ensure financial safety.

French president Nicolas Sarkozy was looking for China support to his plan to rewrite the rulebook of international finance. He didn't get that. But ahead of the major economic summit in Washington next month, he does have support for significant changes in the way business has done.

We need to try it into the / making for them. And this brings me to what the prime, Chinese prime minister has said, intonation to the Washington Summit, that / that China was going to participate very actively.

But China will not be using its massive foreign reserves with almost 2 trillion US dollars to save the world. The government's focus, says the premier, is to keep strong economic growth at home or / this lowest as it has been in years, and expected to slow further in the coming months.

This summer was about a united front, 43 countries representing half the world's economy, demanding tougher rules for the international finance, great transparency, strictest supervision. All they had to do now is convince the US.

John Vause, CNN Beijing.