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China upbeat about Europe debt crisis

(China Daily)

08:04, September 09, 2011

LONDON - China has confidence in both the European economy and the euro and supports the euro zone's efforts to tackle its debt crisis, Vice-Premier Wang Qishan said on Thursday at the Fourth China-UK Economic and Financial Dialogue.

Wang made the remarks as he co-chaired the dialogue with British Chancellor of the Exchequer George Osborne.

After the dialogue, China and the UK signed two memorandums of understanding on infrastructure and energy cooperation.

"Europe has the ability and wisdom to overcome the current difficulties and come out of the crisis," Wang said.

He added that China supports measures adopted by the euro zone, the European Union and the International Monetary Fund to deal with the crisis.

The current world economic situation is "highly complex and uncertain, and there is increasing fluctuation in the international financial market", he said.

Europe is confronted with a severe sovereign debt crisis, and the US continues to face sluggish job and property markets.

In addition, Japan is plagued by weak economic growth, while emerging markets and developing countries suffer from mounting inflationary pressure, Wang noted.

"Resolving the European debt crisis requires the European Union, the euro-zone countries in particular, to reach consensus on effective rescue measures, and implement them quickly," Wang said.

He said China and the UK should target bilateral trade hitting $100 billion by 2015.

This visit comes just three months after a trip to London by Premier Wen Jiabao.

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