Europe can fix debt woes, Hu says before G20 meet
Source: Agencies |
November 1, 2011, Tuesday
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Print Edition
Print Edition
CHINA believes Europe can overcome its economic problems, President Hu Jintao said yesterday, without mentioning whether the nation will play a major role in helping to solve the eurozone's debt crisis.
Cash-rich China has already expressed confidence that Europe can survive its debt crisis, but has made no public offer to buy more European government debt while it awaits details on investment options for the eurozone's EFSF rescue fund.
"We are following the economic development under the current difficulties with attention," Hu told reporters after meeting Austrian President Heinz Fischer on a state visit.
"We are convinced that Europe has the wisdom and has the competence to overcome the current difficulties," added Hu, who will attend a summit of the Group of 20 leading economies in France later this week.
Klaus Regling, head of the European Financial Stability Facility, tried over the weekend to entice China into investing in the bailout fund by saying investors may be protected against initial losses and that bonds could eventually be sold in yuan if China desires.
Hu said economic uncertainties were of importance to the international community, especially big economies, and that it was vital to foster growth, stability and greater cooperation.
China's Xinhua news agency said in a commentary on Sunday that Europe should not expect China to ride to the rescue as its "savior" from the debt crisis, although China would do what it can to help a friend in need.
Regling declined to comment on his meetings in Beijing but said he expected to submit a proposal on how to scale up the 440-billion-euro (US$623.7 billion) EFSF fund by late November.
Expanding the EFSF to 1 trillion euros is central to the eurozone's latest anti-crisis plan, assembled at a summit last week. Details have yet to emerge and European leaders are under pressure to show the plan can work.
Cash-rich China has already expressed confidence that Europe can survive its debt crisis, but has made no public offer to buy more European government debt while it awaits details on investment options for the eurozone's EFSF rescue fund.
"We are following the economic development under the current difficulties with attention," Hu told reporters after meeting Austrian President Heinz Fischer on a state visit.
"We are convinced that Europe has the wisdom and has the competence to overcome the current difficulties," added Hu, who will attend a summit of the Group of 20 leading economies in France later this week.
Klaus Regling, head of the European Financial Stability Facility, tried over the weekend to entice China into investing in the bailout fund by saying investors may be protected against initial losses and that bonds could eventually be sold in yuan if China desires.
Hu said economic uncertainties were of importance to the international community, especially big economies, and that it was vital to foster growth, stability and greater cooperation.
China's Xinhua news agency said in a commentary on Sunday that Europe should not expect China to ride to the rescue as its "savior" from the debt crisis, although China would do what it can to help a friend in need.
Regling declined to comment on his meetings in Beijing but said he expected to submit a proposal on how to scale up the 440-billion-euro (US$623.7 billion) EFSF fund by late November.
Expanding the EFSF to 1 trillion euros is central to the eurozone's latest anti-crisis plan, assembled at a summit last week. Details have yet to emerge and European leaders are under pressure to show the plan can work.
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