Saturday

28th May 2022

EU recovery from debt crisis 'vital' to Chinese interests

  • Will China come to the rescue again? (Photo: Proggie)

Ahead of a visit to Europe by the Chinese premier, Wen Jiabao, Beijing declared Europe's recovery from its debt woes to be in the country's own interest.

"Whether the European economy can recover and whether some European economies can overcome their hardships and escape crisis, is vitally important for us," deputy foreign minister told reporters, according to local press reports.

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Next week, from 24-28 June, Wen is to visit the UK, Germany and Hungary, the latter of which holds the EU's six-month rotating presidency for a few more days before passing the baton over to Poland.

"China has consistently been quite concerned with the state of the European economy," she said.

The country has intervened heavily in support of government bonds issued by troubled EU member states since the start of the debt crisis and analysts will be watching to see if China repeats such a performance as the bloc is confronted with increasing difficulty in resolving the Greek situation.

"We have supported other countries, especially European countries, in their efforts to surmount the financial crisis," Fu continued, according to a Reuters report.

"We have, for example, increased holdings of euro debt and promoted China-European Union trade."

Speaking specifically of the Greek conundrum, Fu added: "We hope Greece can realise stability and development through co-operation between the EU and the international community. We hope the relevant countries will realise stable economic growth."

In Berlin, Wen is to participate in the first China-Germany governmental consultation with Chancellor Angela Merkel.

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