CIC willing to invest
Source: Agencies |
October 18, 2011, Tuesday
|
Print Edition
Print Edition
A representative of China's sovereign wealth fund yesterday said he will be willing to invest in Europe once the continent offers a clear plan to solve its debt crisis and invests in itself.
Jin Liqun, chairman of the board of supervisors of the China Investment Corp, said European countries must also have the "guts" to reform.
On the sidelines of a conference in Paris yesterday on sovereign wealth funds, Jin said: "The root cause of the trouble is the overburdened welfare ... the sloth-inducing, indolence-inducing labor laws. People need to work harder. They need to work longer."
Investors are hoping an European Union summit on Sunday will produce a plan to stop the debt crisis from spreading.
Some have hoped that China, or other emerging economies, might eventually contribute.
Jin Liqun, chairman of the board of supervisors of the China Investment Corp, said European countries must also have the "guts" to reform.
On the sidelines of a conference in Paris yesterday on sovereign wealth funds, Jin said: "The root cause of the trouble is the overburdened welfare ... the sloth-inducing, indolence-inducing labor laws. People need to work harder. They need to work longer."
Investors are hoping an European Union summit on Sunday will produce a plan to stop the debt crisis from spreading.
Some have hoped that China, or other emerging economies, might eventually contribute.
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