Chinese Premier Wen Jiaobao called on countries to work together to calm financial markets after a US rating downgrade and Europe’s debt crisis sparked a plunge in equities worldwide, Bloomberg reported. “China urges nations to coordinate and implement concrete and responsible fiscal and monetary policies to secure the safety of investments,” said a State Council statement Tuesday, following a meeting chaired by Wen. Meanwhile, China’s Vice Premier Wang Qishan and US Treasury Secretary Timothy Geithner spoke about the current world economic situation and global financial market conditions in a telephone conversation. The combination of weak economic data from around the globe, Europe’s debt crisis and the unprecendented downgrade of the US credit rating by Standard & Poor’s (part of McGraw-Hill; MHP.NYSE) has erased US$7.9 trillion in global equity market capitalization since July 26.