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China has confidence on EU market

(Xinhua)

08:12, October 15, 2012

TOKYO, Oct. 13 (Xinhua) -- China is willing to offer the eurozone support on getting through the difficulties, said Yi Gang, the vice governor of the People's Bank of China on the annual meetings of International Monetary Fund (IMF) and the World Bank Group Saturday in Tokyo.

Yi took part in a seminar on discussing the strengthening of eurozone with Jorg Asmussen, the Executive Board Member of European Central Bank. Yi expressed China's point of view on the European sovereign debt crisis and the recovery plan of the eurozone.

The European market is one of the largest markets in the world for China, so China suffered a significant impact of the crises through the real economy and financial market. China's export and trade with Europe slightly declined this year due to the shock, said Yi Gang.

But China never stopped investing in the European Union market even during the crises as China has confidence on EU, he said.

Yi also criticized the policy-making mechanism in the eurozone, saying long process of discussion makes the institution cannot take necessary measures on time during the crises. He said uncertainty damaged investors' confidence.

China keeps very close cooperation with the European Financial Stability Facility and the European Stability Mechanism to support the recovery of eurozone, Yi said.

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