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China has confidence in euro investment: President Hu

(Shanghai Daily)

08:05, August 26, 2011

Chinese President Hu Jintao (R) meets with French President Nicolas Sarkozy in Beijing, capital of China, Aug. 25, 2011. (Xinhua/Li Xueren)

Chinese President Hu Jintao said yesterday that China will keep investing in euro-denominated securities while expressed his hope that Europe will take steps to protect China's investments there.

Hu told visiting French President Nicolas Sarkozy Thursday in Beijing that China has confidence in the euro currency.

Sarkozy, making a brief visit to Beijing, in turn sought China's support for the G20 agenda and the two leaders also discussed Libya's future.

"China is concerned about the impact of the euro debt crisis, hopes that the European economy can maintain stability, and hopes the countries involvedcan achieve success in their financial reforms," Hu told Sarkozy.

"China has confidence in the European economy and the euro, and we are sure that Europe has the wisdom and ability to surmount its current hardships and maintain economic stability and growth," said Hu.

"China will continue making Europe one of its principal investment markets, and we hope that Europe will take measures to ensure the security of Chinese investments there," he said.

Sarkozy said measures have been taken in Europe to advance financial reform and boost economic governance in the eurozone.

About a quarter of China's record foreign currency reserves of more than US$3 trillion are in euro assets.

Sarkozy came to Beijing seeking China's renewed support for France's plans for the G20 summit of major developed and developing economies it will host in October. "The G20 summit must be conclusive, must be decisive, and must take part in the revival of global growth. It's a major task and China plays an essential role," Sarkozy told Hu.
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Iqbal at 2011-09-01116.71.60.*
France badly needs Chinese loans or investment in Euros for France to be able to invest the same in Libya - oil, gas & infrastructure

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