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China 'ready' to help EU solve debt woes

By Guo Kai (Global Times)

09:21, February 15, 2012

China is ready to play a bigger role in solving the European sovereign debt crisis and will communicate more closely with the European side on the issue, Chinese Premier Wen Jiabao said Tuesday.

Wen made the remarks when meeting reporters with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso after the 14th China-EU summit in Beijing.

Wen said the euro is an important diversified investment option for foreign exchange reserves, adding that China is keeping an open mind on the International Monetary Fund's (IMF) support for the EU, and supports the EU in its efforts to improve fiscal discipline.

"Wen's comments on supporting Europe to improve fiscal discipline expressed China's hope that the EU can adjust its internal economic structure," Qu Xing, head of the China Institute of International Studies, said.

China will cooperate with the EU under the IMF framework and is considering entering the European Financial Stability Fund and the European Financial Stability Mechanism to help the EU resolve the debt crisis, Qu said.

"The EU has to adjust its economic structure, not only by implementing the austerity policy, but also by realizing sustainable development in solving the lingering debt crisis in the long term," Feng Zhongping, director of the Institute of European Studies at the China Institutes of Contemporary International Relations, told the Global Times.

At the summit, the two sides highlighted the positive developments in bilateral trade and the investment relationship as a cornerstone of the strategic partnership. Europe remains China's biggest export destination, and China was the EU's fastest developing export market.

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