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People's Daily Online>>Foreign Affairs

Aid to Europe likely through IMF

By Wang Xiaotian (China Daily)

09:25, February 23, 2012

A float carries statues representing global rating agencies. Tagged as "Moody's", "Fitch" and "Poors", they aim slingshots at a euro sign before the start of the Rose Monday street carnival in Mainz, Germany. Premier Wen Jiabao said last week that China would continue to invest in euro debt in line with the principles of security, liquidity and value preservation. (Photo/China Daily)

BEIJING - China will help Europe through the International Monetary Fund as long as other countries also make contributions toward the same end, a senior IMF official said in Beijing on Wednesday.

"The Chinese have been very clear that they want to help, but they want to help through the IMF and they want to be seen to be helping if other countries also step up ..." Murtaza Syed, the IMF resident representative in
Beijing, was quoted by Bloomberg as saying. "That's a pretty sensible approach.

"There is a lot going on behind the scenes. There's a lot of negotiations happening."

On Sunday, China and Japan agreed to coordinate their response to any request the IMF might make for additional money to help combat the debt crisis in the eurozone, Jun Azumi, Japanese finance minister, said after speaking with his Chinese counterpart, Xie Xuren, and Vice-Premier Wang Qishan.

Premier Wen Jiabao said last week that China would continue to invest in euro debt, a plan that falls in line with the principles of security, liquidity and value preservation.

He said the second-largest economy in the world will use the IMF, the European Financial Stability Facility and the future European Stability Mechanism as the means of offering aid in the debt crises.
Syed said the $3.2 trillion China has in foreign exchange reserves will enable it to bail out European countries mired in debt troubles.

"China has the kind of space that we would need to make a meaningful contribution."

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