Editor-in-Chief of Reuters David Schlesinger, one of the eight co-chairpersons of the World Media Summit, delivers a speech during the opening ceremony of the summit at the Great Hall of the People in Beijing, capital of China, on Oct. 9, 2009. The two-day summit, hosted by Xinhua News Agency, opened here Friday morning.

Editor-in-chief of Reuters on Friday stressed the media's role in promoting a healthy market economy by providing transparency against the backdrop of global financial crisis.

"Efficiently informed and transparent financial markets are also healthy, sound, orderly and internationally competitive financial markets. These were the lessons of the 1997 Asian crisis," Editor-in-Chief of Reuters David Schlesinger told the opening session of the World Media Summit in Beijing.

"The financial crisis of the beginning of the 21st century has proven again that the media's role in providing the transparency necessary for a healthy market economy is vital," he said.

The three-day summit gathered representatives from more than 170 media outlets, including wire services, newspapers and magazines, radio and television broadcasters, and on-line media, from around the world.

Schlesinger said the role of financial media was central to delivering the objectives of informed and transparent financial markets, as well as the social stability that depends upon economic success.

Speaking of China, Schlesinger said the country was becoming increasingly transparent compared with the past.

He welcomed the initiatives of Chinese government departments that have adopted web release of their information.

He also applauded those that have gone one step further to alert reporters to news announcements with helpful text messages.

"Today we report on China's economy with the same intensity and professionalism as we report on any G7 economy," he said.

Schlesinger said journalism at its best is a mirror, exposing back to society a true and brutally honest picture of what is going on.

"When we fail at that, when our picture is not clear or at all distorted, we deserve to be criticized. We must strive to be that perfect mirror," he said.