China ready for bigger euro role
Source: Agencies |
February 3, 2012, Friday
|
Print Edition
Print Edition
Premier Wen Jiabao said yesterday that China was considering playing a bigger role in resolving Europe's debt crisis by getting involved in European rescue funds.
Wen made the remarks at a media briefing in Beijing with visiting German Chancellor Angela Merkel, who arrived in Beijing yesterday for a three-day visit to reassure Chinese leaders about Europe's financial stability.
Wen repeated pledges of support for Europe, but made no financial commitments.
"It is very urgent and important to resolve Europe's debt crisis," he said. "China is considering greater involvement in resolving Europe's debt crisis by participating in the European Financial Stability Fund and the European Stability Mechanism."
European leaders want China, with US$3.2 trillion in foreign reserves, and other global investors to contribute to expanding the EFSF and the 500 billion euro (US$650 billion) Stability Mechanism, which is to begin operation in July.
Merkel is the first of several European leaders to visit China this month for talks expected to focus largely on the economic crisis.
Europe is China's biggest export market.
"Whether we can maintain the stability of the financial system and stable economic growth and facilitate integration not only concerns the future of Europe but also has a great impact on China," Wen said. "China supports Europe in safeguarding the stability of the euro."
He added China was willing to enhance its communication with Germany via the existing bilateral mechanism of financial cooperation.
China was also ready to keep in close touch with all the other parties concerned to address the issue, he said, adding that China is "firmly" confident in the European economy and would not change its view of Europe as a major pillar of the world economy.
"China is investigating and evaluating ways, through the IMF, to be more deeply involved in solving the European debt problem via ESM/EFSF channels," Wen said. He hoped the European side would create a positive environment for China-Europe cooperation to address the debt issue and offer suitable investment portfolios.
Wen said the long-term solution to the crisis lay in strong and sustainable economic growth, urging Europeans to stand with China against protectionism, expand mutual investment and enhance cooperation in high-tech and emerging sectors.
Merkel told reporters that Chinese leaders had again emphasized that Europe must rely on itself to solve its problems.
"China is ready to work for a stable euro in its general responsibility for a stable global economy," Merkel said.
She said the stabilization of the euro was a matter for European nations. "We must do our homework," she said, adding that the world expected Europe to present a united front.
Wen made the remarks at a media briefing in Beijing with visiting German Chancellor Angela Merkel, who arrived in Beijing yesterday for a three-day visit to reassure Chinese leaders about Europe's financial stability.
Wen repeated pledges of support for Europe, but made no financial commitments.
"It is very urgent and important to resolve Europe's debt crisis," he said. "China is considering greater involvement in resolving Europe's debt crisis by participating in the European Financial Stability Fund and the European Stability Mechanism."
European leaders want China, with US$3.2 trillion in foreign reserves, and other global investors to contribute to expanding the EFSF and the 500 billion euro (US$650 billion) Stability Mechanism, which is to begin operation in July.
Merkel is the first of several European leaders to visit China this month for talks expected to focus largely on the economic crisis.
Europe is China's biggest export market.
"Whether we can maintain the stability of the financial system and stable economic growth and facilitate integration not only concerns the future of Europe but also has a great impact on China," Wen said. "China supports Europe in safeguarding the stability of the euro."
He added China was willing to enhance its communication with Germany via the existing bilateral mechanism of financial cooperation.
China was also ready to keep in close touch with all the other parties concerned to address the issue, he said, adding that China is "firmly" confident in the European economy and would not change its view of Europe as a major pillar of the world economy.
"China is investigating and evaluating ways, through the IMF, to be more deeply involved in solving the European debt problem via ESM/EFSF channels," Wen said. He hoped the European side would create a positive environment for China-Europe cooperation to address the debt issue and offer suitable investment portfolios.
Wen said the long-term solution to the crisis lay in strong and sustainable economic growth, urging Europeans to stand with China against protectionism, expand mutual investment and enhance cooperation in high-tech and emerging sectors.
Merkel told reporters that Chinese leaders had again emphasized that Europe must rely on itself to solve its problems.
"China is ready to work for a stable euro in its general responsibility for a stable global economy," Merkel said.
She said the stabilization of the euro was a matter for European nations. "We must do our homework," she said, adding that the world expected Europe to present a united front.
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