On November 20, 2012, the 7th East Asia Summit was held in Phnom Penh, Cambodia. Wen Jiabao, Premier of the State Council of China and leaders of other member states of the Summit were present. At the Summit, leaders exchanged ideas on past and future cooperation of the East Asia Summit and international and regional issues. Hun Sen, Prime Minister of Cambodia chaired the Summit.

In his speech, Premier Wen pointed out that the international community as a whole is concerned over the slowdown in the recovery of the world economy and increased instability and uncertainties. The Summit is expected to promote unity and cooperation among the countries and together we should pass on confidence and hope. To do that, Wen proposed that:

First, new vitality should be injected into cooperation and development. The Phnom Penh Development Declaration agreed on at the Summit, which is based on the Phnom Penh Development Initiative proposed by China, calls for balanced, inclusive and sustainable development, more exchanges on development experience among members, strengthened role of macro policies, narrowing of regional disparities and expanded cooperation in six major areas, namely, finance, energy, education, disaster management, public health, and network and communication.

Second, new opportunities in the process of regional integration should be made best use of. China fully supports ASEAN's move for Regional Comprehensive Economic Partnership (RCEP), a consensus that was reached among the countries in the region and defines the development trend of regional economic integration. China will fully support and actively participate in the negotiations needed for the realization of RCEP. All countries should follow a free and fair trade policy, open up their markets and firmly fight against protectionism in all forms.

Third, a collaborative atmosphere that facilitates dialogue, negotiation and win-for-all should be created. Countries involved should be trusted in their efforts to settle their differences and problems among themselves through dialogues. China supports the Summit's emphasis on cooperation in non-conventional security areas like disaster management, prevention and treatment of infectious diseases and cracking down on pirates.

Fourth, great efforts should be made to tackle well the domestic affairs of all states. Members of the East Asia Summit should work out more powerful policies and measures to cope with the international financial crisis, stabilize domestic finance, rejuvenate the economy, increase employment and improve the livelihood of the people. China, with its economy increasingly stabilized and maintaining a fast growth rate, continues to be the key engine for regional and global economies.

Wen remarked that China, as always, upholds the principles of mutual respect and mutual understanding, always honors its commitments and makes continuous efforts for harmony. China is willing to play its due role as a responsible power to help realize peace, stability and development in East Asia.

Other leaders at the Summit noted that there are common challenges for all the member states in areas like finance, energy and food security as the international financial crisis is still lingering, and the Asia-Pacific Region has to face the adverse impacts of the world economic recession and the fiscal and debt crisis of some European countries and America. It is therefore imperative for all countries in the region to make concerted efforts in terms of promoting regional trade liberalization and economic integration, strengthening infrastructure and communication and expanding cultural and people-to people exchanges so as to create more opportunities for development, deal with the challenges and maintain peace, stability and prosperity in the region.

The Summit passed the Phnom Penh Development Declaration of the East Asia Summit and other documents.