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China promises "concerted actions" to aid euro zone

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China promises "concerted actions" to aid euro zone

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China has pledged to help eurozone countries return to economic health.

The country says it is also willing to support the IMF element of a bailout package for the bloc.

At talks on Tuesday, EU officials are reported to have said China was prepared to take “concerted action.”

Beijing emphasised the eurozone would become one of the most important areas for China’s foreign currency investments.

The country is also thought to be ready to buy up to five billion euros of Portuguese bonds – after President Hu Jintao promised “concrete measures” to help on a visit in November.

Portugal is trying to diversify its debt investor base to ward off market pressure.

After Greece and Ireland, it does not want to be the next in line to receive a bailout.