Premier Wen Jiabao and Klaus Schwab, founder and executive chairman of the World Economic Forum, arrive for the opening of the forum’s Annual Meeting of the New Champions in Dalian, Liaoning province, on Wednesday. (Photo/China Daily)
BEIJING, Sept. 15 (Xinhuanet) -- Premier Wen Jiabao said on Wednesday that China is ready to increase its investment in debt-ridden Europe, and urged the European Union (EU) to recognize China as a full market economy.
"European countries are facing sovereign debt problems and we've expressed our willingness to give a helping hand many times. We will continue to expand our investment there," Wen said while addressing 1,500 business leaders and government officials at the opening of the World Economic Forum, known as the "Summer Davos".
Wen said that he reiterated China's support to European Commission President Jose Manuel Barroso in a recent phone call.
However, he added that "EU leaders and the leaders of (Europe's) major countries must look at Sino-EU relations from a strategic viewpoint.
"Based on WTO rules, China's full market economy status will be recognized by 2016. If EU nations can demonstrate their sincerity several years earlier, it would be the way a friend treats a friend," he said.
He said he hoped his scheduled summit meeting with EU leaders next month will lead to a breakthrough in recognition.
Wen also expressed concern over the spread of the sovereign debt crisis in Europe. China sits on more than $3 trillion in foreign exchange reserves.
He urged the United States and some European countries to tackle their problems properly.
"Europe and the US must adopt responsible and effective fiscal and monetary policies in a bid to reduce debt pressures," Wen said during discussions with business leaders at the forum.
Wen's comments came as global markets have been rocked by renewed fears that Greece will default on its debt obligations.