China urges EU action on debt
Source: Agencies |
December 22, 2010, Wednesday
|
Print Edition
Print Edition
CHINA yesterday urged European policy-makers to back their tough talk with action by showing they can contain the eurozone's debt problems.
China, which has invested an undisclosed portion of its US$2.65 trillion reserves in the euro, said it backed Europe's efforts so far to tackle the debt problems, but made clear it would like to see the measures having more effect.
"We are very concerned about whether the European debt crisis can be controlled," Chinese Commerce Minister Chen Deming said during a dialogue between China and the European Union, its biggest trade partner, in Beijing.
"We want to see if the EU is able to control sovereign debt risks and whether consensus can be translated into real action to enable Europe to emerge from the financial crisis soon and in a good shape."
Concerns that Europe's debt problems could engulf bigger economies such as Spain have weighed on global financial markets this year and taken a toll on the euro.
The currency suffered yet another setback yesterday when credit agency Moody's warned it may cut Portugal's rating by one or two notches.
Vice Premier Wang Qishan said China had played its part to ease Europe's plight and held out hope that a turning point was near.
"The EU has taken active measures to deal with the debt crisis, and we hope the measures can achieve some results as soon as possible," Wang said.
But risks abounded, with global demand and the world economy still tepid, and financial markets mired in choppy trade and excess cash.
For its part, Wang said, China would pursue monetary prudence and active fiscal policies to ensure the world's second largest economy would sustain its solid growth.
Wang said China and the EU reached an "important consensus" on high-tech trade. The two sides agreed to enhance cooperation in such trade and convene the first meeting of the China-EU High-Tech Trade Working Group at an early date.
"The EU side agreed to enhance communication with the Chinese side for early recognition of China's market economy status," Wang said.
The annual trade talks between China and the EU highlighted a number of bilateral issues that need resolving, from trade and currency spats to intellectual property theft.
China, which has invested an undisclosed portion of its US$2.65 trillion reserves in the euro, said it backed Europe's efforts so far to tackle the debt problems, but made clear it would like to see the measures having more effect.
"We are very concerned about whether the European debt crisis can be controlled," Chinese Commerce Minister Chen Deming said during a dialogue between China and the European Union, its biggest trade partner, in Beijing.
"We want to see if the EU is able to control sovereign debt risks and whether consensus can be translated into real action to enable Europe to emerge from the financial crisis soon and in a good shape."
Concerns that Europe's debt problems could engulf bigger economies such as Spain have weighed on global financial markets this year and taken a toll on the euro.
The currency suffered yet another setback yesterday when credit agency Moody's warned it may cut Portugal's rating by one or two notches.
Vice Premier Wang Qishan said China had played its part to ease Europe's plight and held out hope that a turning point was near.
"The EU has taken active measures to deal with the debt crisis, and we hope the measures can achieve some results as soon as possible," Wang said.
But risks abounded, with global demand and the world economy still tepid, and financial markets mired in choppy trade and excess cash.
For its part, Wang said, China would pursue monetary prudence and active fiscal policies to ensure the world's second largest economy would sustain its solid growth.
Wang said China and the EU reached an "important consensus" on high-tech trade. The two sides agreed to enhance cooperation in such trade and convene the first meeting of the China-EU High-Tech Trade Working Group at an early date.
"The EU side agreed to enhance communication with the Chinese side for early recognition of China's market economy status," Wang said.
The annual trade talks between China and the EU highlighted a number of bilateral issues that need resolving, from trade and currency spats to intellectual property theft.
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