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China mulls more efforts to help address Europe's debt issue

(Xinhua)

08:10, February 03, 2012

BEIJING, Feb. 2 (Xinhua) -- China is considering "involving itself more deeply into" the efforts to address Europe's debt issue through channels like the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM), Chinese Premier Wen Jiabao said on Thursday.

Wen made the remarks at a joint media briefing after talks with visiting German Chancellor Angela Merkel. Merkel arrived in Beijing Thursday morning, starting a three-day official visit to China.

The Chinese premier said it is "very urgent and important" to solve the European debt crisis and China attaches great importance to the issue from a strategic perspective as the global economic situation remains grim.

Since the European Union is the world's largest economy and China's largest trading partner, the bloc's financial stability, economic growth and integration not only affect Europe's fate and future, but also that of China and the world, he said.

Wen said that Europeans' own efforts play a vital and fundamental role in resolving the crisis, which also calls for efforts by other parties of the international community.

He called on the European Union to keep pushing ahead with financial reforms to put forward a consistent and clear-cut solution toward the international community.

The European Union, as a whole entity, should continually push forward systematic, structural and fundamental reforms in the fiscal and financial aspects in addition to adopting emergency bailout measures, said the premier.

"The EU should feed the international community with more uniform and defined ideas to solve the problem," he said.

China upholds that the International Monetary Fund (IMF) and other major international financial institutions should play an important role in addressing the debt crisis, Wen said, adding that China is willing to coordinate with all parties concerned to forge effective countermeasures.

"The Chinese side supports efforts to maintain the stability of the euro and the euro zone," Wen said, noting China is "firmly" confident in the European economy and will not change its view that Europe is a major pillar of the world economy.

Chinese authorities are studying and assessing joining the efforts more proactively to resolve Europe's debt issue by financing the IMF and through the EFSF, the ESM and other channels, Wen said. China is willing to enhance its communication with Germany via the existing bilateral mechanism of financial cooperation.

Wen said he hopes the European side will create positive environments for China-Europe cooperation to address the European debt issue and offer suitable investment portfolios.

The long-term solution to the ongoing crisis lies in strong and sustainable growth of the economy, he said, urging Europeans to stand with China against all sorts of protectionism, expand mutual investment and enhance cooperation between China and Europe in high-tech and emerging sectors.

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