Mon, February 06, 2012
China > China & World

China not savior, but partner to debt-stricken eurozone

2012-02-06 03:21:49 GMT2012-02-06 11:21:49(Beijing Time)  Xinhua English

Chinese Premier Wen Jiabao (C, front) talks with German Chancellor Angela Merkel (L, front) during their visit at the Chinese branch of Herrenknecht, a German company producing robotic tunnel-drilling machines, in Guangzhou, capital of south China's Guangdong Province, Feb. 3, 2012. (Xinhua/Yao Dawei)

BEIJING, Feb. 6 (Xinhuanet) -- German Chancellor Angela Merkel concluded on Saturday her three-day visit to China with no concrete promise from Chinese government, while Premier Wen Jiaobao said China will make more efforts to help in Europe's debt issues.

China may offer rescue funds to Europe, but has neither the intention nor the ability to buy up Europe, Premier Wen stressed on Friday, in response to concerns over the country's increasing investment in bogged eurozone economies.

It was "urgent" to solve the European debt crisis, Wen noted, adding that China will help in resolve Europe's debt issues through the International Monetary Fund, the European Financial Stability Facility and the European Stability Mechanism.

The mechanism is a 650 billion U.S. dollar permanent bailout fund signed by 25 out of 27 European Union members on Jan. 30.

Wen said that European countries should play key role in getting rid of the sovereign debt crisis, which also calls for efforts by other parties of the international community.

"The EU, as a whole, in addition to bailouts, should continuously promote structural and systematic reforms in their financial and other areas, and give the international community a unified and clearer indication on how they will resolve the issue," Wen emphasized.

"China is willing to enhance its communication with Germany via the existing bilateral mechanism of financial cooperation, and is also ready to keep in close touch with all the other parties concerned to address the issue," he said.

Since the European Union is the world's largest economy and China's largest trading partner, the bloc's financial stability, economic growth and integration not only affect Europe's fate and future, but also that of China and the world, Premier Wen added.

According to China Daily, Merkel said that she and Wen had reached an agreement that European countries need to further improve financial regulations.

She thought that the stabilization of the euro was primarily a matter for Europeans.

"We must do our homework," Merkel said, adding the world expected Europe to present a united front.

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