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People's Daily Online>>Foreign Affairs

China, EU should cooperate calmly and rationally

By Feng Zhongping (People's Daily Overseas Edition)

13:50, February 14, 2012

Edited and Translated by People's Daily Online

The 14th China-E.U. leaders’ meeting, which had been postponed due to the tight schedule of dealing with the European sovereign debt crisis, was held in Beijing on Feb. 14.

Resolving the European debt crisis remains the primary task for the European Union, which is facing bleak growth prospects. The International Monetary Fund (IMF) expects the euro-zone economy to shrink 0.5 percent in 2012 and grow 0.8 percent in 2013, a markdown of 1.6 percentage points and 0.7 percentage points respectively, from the IMF’s last forecast.

In this context, the European debt crisis will undoubtedly be a major focus of the 14th China-E.U. leaders’ meeting. Helping Europe get out of the debt crisis serves China’s long-term interests. The European Union remains a major player on the world stage despite its debt issues, and China continues to see it as one of the most important strategic partners.

Furthermore, the European Union has long been China’s largest export market and source of technology import as well as major source of foreign investment. China’s cooperation with the European Union in resolving the debt crisis is a normal economic behavior, and should not be interpreted as “the poor saving the rich.”

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Heinz Stiller at 2012-02-15188.60.9.*
A very good article. Of course, Europe is relatively rich. German private wealth (real estate and money) alone is about 10.000 billion euros (American "billion").This is roughly the same amount as the total of Eurozone government debt. (15 per cent of German assets have to be deduced in order to make up for private debt, but the net sum is still impressive.)If you look into Italian private assets, you will find another impressive figure. So, the European "debt" crisis is not a question of the Eurozone going bankrupt. It is a solvency crisis, no matter what some Anglo commentators write. It is really not the poor saving the rich. It is rather a good investment, considering that Italian 10y bond yields are around 5.5 per cent.
helen at 2012-02-14141.0.8.*
While co-operation between China and EU be enhanced, those - Sino-Middle East, Sino-Asean and Sino-African be expanded and reinforced. Year 2012 and thereafter will be the "China Bashing" years by the United States government and the US media. The die is already cast in the militarised United States and the inevitable will ensue....

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