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China's growth and market very important for EU
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15:56, November 03, 2008

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The stable growth of China's economy and its market are very important for the world economy and European companies amid the current global financial crisis. It is also significant that China and the European Union to make their own well-structured fiscal policies and exchange good experience on the fiscal policies.

"Without China's participation into the global stage, economic and financial crisis will not be solved", said Dr. Dalia Grybauskaite, European Commissioner for financial programming and budget, said on Oct. 31 at the Beijing-based University of International Business and Economics (UIBE). On the same day before her speech she had a meeting with Chinese Finance Minister Xie Xuren, in which they shared their experience on budgetary policies in the face of the financial crisis.

She thinks that China could play its role in addressing the global crisis "internally and externally". On one hand, it is important for China to sustain its rapid growth rate in a harmonious, balanced way between regions. A stable Chinese economy has a great global implication. On the other hand, China can participate more into the global efforts on dealing with the financial crisis.

Dr. Grybauskaite believes budgets must be helpful in solving the problem by "spending money right". The European Union, for example, has spent 1 billion euro in proving food aid to the most needy countries and setting up the Globalisation Adjustment Fund facilitating labor mobility.

The commissioner recognized that the situation could be "very challenging" to EU's budgetary policy if the member states, either in a recession or facing an imminent recession, would try to keep more money for their own economic interest.

Prof. Zhao Zhongxiu, Dean of School of International Trade and Economics, UIBE, commented that the EU's better performance in promoting the social fairness than the US gives the EU a better position in dealing with the current financial crisis. However, its effect is limited due to the difficulty in reaching consensus between all its members.

He agrees with the commissioner that it is more difficult to coordinate the fiscal policies than the monetary policies between different economies. He believes that China and the EU need more cooperation to deal with the US made financial crisis by taking a good care of their own business. For China, the most important thing is to boost its domestic demand from both the short-term and a long-run.

For Europe, the Chinese market is "very important". The commissioner warns that the "collapse" of trade between the European Union and China will be "very painful to both sides".

According to Dr. Grybauskaite, the upcoming 11th China-EU Summit on Dec. 1 in France will be represented by ministerial level and Eurogroup President Jean Claude Junker will also be there. The highest level annual meeting, said the commissioner, reflects a Sino-EU relationship which is becoming "better, more coordinated and more profitable for both sides".

By People's Daily Online

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