China is joining Europe in calling for tight international regulation of the global financial markets.

According to witnesses of closed-door talks at the Asia-Europe Meeting in Beijing, China agreed that stricter oversight is needed to prevent future market meltdowns.

"The crisis has fully revealed some defects in the current international financial system The international community has demanded reforms and the establishment of a fair and efficient international financial system," Premier Wen Jiabao said on Saturday.

Voice of America

China Backs Europe's Push for Oversight Wall Street Journal - 1 hour ago By IAN JOHNSON BEIJING -- After several days of talks between European and Asian leaders, China apparently has allied itself with Europe in calling for a vigorous system of international regulation. Wen calls for restructuring of global system China Daily World leaders pledge financial reform as gloom deepens AFP