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China, Europe sail in same boat amongst world's economic tumults


11:05, October 31, 2011

BEIJING, Oct. 31 (Xinhua) -- China and Europe, facing a world with drastic economic storms in some regions, should uphold the spirit of sailing in the same boat, agree to differ, strengthen their ties, and stand out as two important players in ensuring world stability and prosperity.

Chinese President Hu Jintao arrived in Vienna Sunday on a four-day state visit to Austria in Central Europe, and will attend the sixth G20 summit, to be held in the southern French city of Cannes from Nov. 3 to Nov. 4.

It is the first visit by a Chinese president to Austria in 12 years. During the trip, the two sides will ink seven intergovernmental framework agreements, covering economy and trade, environmental protection, water conservancy, education and culture.

The visit underscores the importance China attaches to its ties not only with Austria but with the whole European continent, which Chinese leaders have frequently visited.

Confronted with a volatile world, China and Europe, as two heavyweights on the international arena, have every reason to boost mutual understanding, and coordinate and cooperate in a variety of major issues, as major turbulence and violence in our Global Village will harm the fundamental interests of both China and Europe.

If the world is likened to a gigantic ship, no one can escape unscathed if the ship capsizes among severe economic storms.

The European sovereign debt crisis, eclipsing the chronic U.S. economic and financial maladies, recently has caught most spotlight.

The bailout plan approved by eurozone leaders on Thursday unquestionably will provide debt-ridden European countries with long-awaited ammunition to more forcefully fight the war against the debt crisis.

European leaders say they welcome any investment in their sovereign debts from other countries, including emerging economies.

China, as the world's second biggest economy and also an emerging economic powerhouse, has kept very close trade ties with the European Union (EU), as the EU is China's biggest trading partner, while China is the EU's second largest one. A stable European economy is in the interest of China.

The Chinese government has also said repeatedly that as a long-term investor in European sovereign debts, China will continue to support Europe and the euro.

This will create a win-win situation for China and Europe, as it will not only give firepower to European countries to combat the debt crisis, but diversify China's foreign exchange reserves and improve their safety.

China's positive response will also lessen the world's dependence on the U.S. dollar as the major global reserve currency and facilitate a shift toward a multipolar reserve system.

The upcoming G20 summit really offers a fresh and favorable opportunity for China and Europe to profoundly exchange views and effectively boost their cooperation, particularly in economic fields.

Both sides should seize the chance to act and achieve in the spirit of good partnership.


Leave your comment3 comments

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Canada at 2011-11-0170.36.49.*
Greece’s Prime Minister announced Monday Greece will hold a referendum on the new European debt deal reached last week.
Canada at 2011-11-0170.36.49.*
It was reported today Greece is going to hold a public referendum - didn't hear what the question is.
miketheman at 2011-10-3181.206.61.*
Are China and europe in the same boat?1) Europe's poorest country income per capita is 11.860,00 USdollar (rumania), greece's per capita income is 28.434,00 USdollars,2) Europe has lot's of rich countries: netherlands (ppp. 35.000 USdollars) and Germany (income per capita 37.937,00 USdollars) and Sweden and Denmark and Norway!3) the debt crisis is created by european banks and governments and has nothing to do with China, Brasil, India, Russia or SoutAfrica!4) Europe would NOT have lend money to China or any other developing country if it was China in a debt or economic crisis. Remember the Asian finacial crisis in 1998, the westerners nor the IMF helped out nor lend money to Asian countries! Instaed it was China which helped the Asian countries by keeping the Yuan rate stable!5) Does the Chinese government really think that the european countries will ever pay back their loans to China...? They will certainly NOT16) the Brasilian government made it already clear to the West and especially europe: Brasil will NOT lend money to europe nor the european debtfund!7) One must never forget that it's about Chinese taxpayers money!! Chinese worked hard for it, it's time the europeans start working instead of lending and spending money.

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