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China to increase support of Portugal
Source: Agencies |
December 15, 2010, Wednesday
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Print Edition
Print Edition
CHINA has pledged increased support for Portugal's efforts to climb out of a financial crisis and avoid a bailout, the Portuguese finance minister said yesterday.
The Chinese government intends to step up financing, investment and trade with Portugal, Fernando Teixeira dos Santos told national news agency Lusa in Beijing after a two-day visit.
"We made a great leap forward in strengthening our ties at all levels - in trade and investment as well as in the area of financing," Teixeira dos Santos was quoted as saying by Lusa.
His visit to China was his second in three months and came a week after he went to Brazil - which, like China, is recording strong growth - as part of an effort to broaden the market for Portuguese government bonds.
Portugal's high debt and low growth in recent years have fueled market speculation it will be the next eurozone country to need a bailout, but the government insists it can resolve its problems without help.
Chinese President Hu Jintao, on a state visit to Lisbon last month, promised to help Portugal find its way out of the crisis that is threatening to wreck its economy. China has been expanding its economic presence in western Europe.
Portugal's government is adopting austerity measures from January 1 that include public sector wage cuts, tax hikes, and lower spending on welfare programs.
The goal is to drive down the state budget deficit to 4.6 percent next year. It stood at 9.6 percent - the fourth highest in the 16-nation eurozone after Greece, Ireland and Spain - last year.
To offset the austerity plan's potentially crippling effect on growth, the government is drawing up labor reforms.
The Chinese government intends to step up financing, investment and trade with Portugal, Fernando Teixeira dos Santos told national news agency Lusa in Beijing after a two-day visit.
"We made a great leap forward in strengthening our ties at all levels - in trade and investment as well as in the area of financing," Teixeira dos Santos was quoted as saying by Lusa.
His visit to China was his second in three months and came a week after he went to Brazil - which, like China, is recording strong growth - as part of an effort to broaden the market for Portuguese government bonds.
Portugal's high debt and low growth in recent years have fueled market speculation it will be the next eurozone country to need a bailout, but the government insists it can resolve its problems without help.
Chinese President Hu Jintao, on a state visit to Lisbon last month, promised to help Portugal find its way out of the crisis that is threatening to wreck its economy. China has been expanding its economic presence in western Europe.
Portugal's government is adopting austerity measures from January 1 that include public sector wage cuts, tax hikes, and lower spending on welfare programs.
The goal is to drive down the state budget deficit to 4.6 percent next year. It stood at 9.6 percent - the fourth highest in the 16-nation eurozone after Greece, Ireland and Spain - last year.
To offset the austerity plan's potentially crippling effect on growth, the government is drawing up labor reforms.
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