China vows to help in Eurozone crisis

China is now ready to help resolve Europe’s debt crisis, said Premier Wen Jiabao, talking today in Beijing.

China is now ready to help resolve Europe’s debt crisis, said Premier Wen Jiabao, talking today in Beijing.

The Chinese Premier has offered to cooperate to help stabilise the European nations in debt but has not made specific promises to invest in funds. Wen said: “China is ready to increase participation in resolving the Euro crisis. We are willing to conduct close cooperation and communication with the EU side.”

The crisis has intensified in recent times. On Sunday the EU and the International Monetary Fund has demanded Greece make drastic cuts in wages, pensions and jobs in return for a £130 billion bailout.

However, Athens is still struggling to manage another 350 million euros in budget cuts to satisfy the Euro zone finance ministers deciding whether to sign off a rescue package to save the country from further financial chaos.

The crisis has also forced international rescues for Ireland and Portugal.

With a trade of 560 billion euros flowing between China and Europe, Europe is China’s biggest trading partner. At the same venue as European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, Mr Wen said: “China is firm in supporting the EU side in dealing with debt problems. We match our words with our actions.”

He hoped the confederacy would continue to send “clear, strong and positive messages” about stability.

European Council President Herman Van Rompuy said: “It is China’s own decision to provide support in stabilising the euro zone. We have agreed to cooperate with each other in these times.”

However, it appears that the EU officials expected a solid commitment from China.

 

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