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People's Daily Online>>Opinion

Europe should be grateful for China's timely help

By Mei Xinyu (Global Times)

15:29, September 21, 2011

Edited and Translated by People's Daily Online

The international community is again expecting China to save capitalism amid growing U.S. and European sovereign debt crises because China was believed to have saved capitalism from the global financial crisis of 2008-2009. As one of Europe's largest creditors, China certainly does not want to see the European debt crisis deteriorate, but how can Europe guarantee the interests of its creditors? A practical answer to this question is a precondition for further Chinese investments in Europe.

As a payback for China's help, European countries where protectionism has long been popular should withdraw their discriminatory policies toward the Chinese people, goods, services and investments.

Chinese financial institutions, construction companies, and high-speed rail equipment manufacturers should be granted a fair access to the European market because it will not only benefit China but also provide the best and most efficient financing, construction and equipment options to European countries.

Furthermore, the United States and European countries, which need China's help, should not use their political or economic influence to block Chinese investment in other countries. Instead, they should work with China to assist other countries in maintaining an open and fair environment for competition.

In order to improve the financial conditions, European countries with heavy debts are bound to privatize their state-owned assets and many of them are staring at China, which has sufficient funds. As long as it is in line with the operating strategy of China's foreign exchange management departments and enterprises, China will hold an open attitude toward any possibility.

Relevant countries should provide abundant and accurate information to the Chinese investors before they make investments, "settle down" their domestic interest groups, prevent these commercial trades from being politicized and guarantee the Chinese investors will not be discarded after they help their local strategic enterprises get rid of their troubles.

Meanwhile, many private enterprises of the European countries with heavy debts will also try to get out of their difficulties by selling their overseas assets, and some of these assets will become the targets of Chinese investors undoubtedly. In order to guarantee China's domestic employment and social stability, the Chinese government will inevitably call for some big Chinese investors to take over the troubled subsidiary of some foreign enterprises in China. China hopes that the U.S. and European media, which can greatly shape people's opinions, will not describe these common commercial and governmental activities as protectionism.

It must be confirmed that the root cause behind the U.S. and European debt crises lies in the lifestyle of living beyond their means. Creditors have to require European debtors to take practical measures to enable the former to believe in their determination to reform.

China has long been considered the greatest winner in terms of economic globalization since the 1990s. China once laid off millions of workers during the economic restructuring prior to its accession into the World Trade Organization. The Chinese economy cannot have today's growing competitiveness without such decisive and miserable economic adjustments. Only those who help themselves can get help. Instead of complaining about China's friendly blackmail, European debtors had better take into account whether or not they can learn something from China.

Some people in Europe and the United States are seeking funds from China to cope with their crises and economic downturn, yet they are unwilling to pay the related expenses. Helping Europe to get through the difficulties and enter into a relatively long period of stability is undoubtedly China's optimal choice. If debtor countries cannot accept rational conditions, leaving the debt crises alone should be China's last resort.

Mei Xinyu, a research fellow with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce


Leave your comment7 comments

  1. Name

Paty at 2012-02-1498.71.179.*
Please, don"t be so naive. The west is not grateful for anything. They cannot even offer a sincere thank you.
999trade at 2011-09-28116.53.247.*
I agree:)))
fiona at 2011-09-2394.195.123.*
It"s an irony that capitalism should look up to communism to prop up itself considering its hostilities towards communism/socialism that have resulted in so many wars (in the 50"s) fought in the name of saving the world from the threats of communism eg the Vietnam and Korean wars. Capitalism benefits only a handful of the superrich and this needs to be reformed to benefit the wider population.
jthk at 2011-09-23203.218.76.*
The International Monetary Fund has been using the Structural Adjustment Programme to help developing countries in order to acquire international loans. I cannot understand why the developing countries, precisely the BRICS should be buying the government bonds without requiring some restrains of their expendition. In form of loan is better than bonds. Besides, funds should be spent for the people, precisely to create job and provide education and care of the deprived strata, etc.
wende at 2011-09-2371.255.83.*
West is screwed by its own greed and war adventurism. China"s products bring huge profits to the western capitalists and tiny scrap of profit to Chinese workers. packoflies is the one spewing a pack of lies.

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