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China promises help with euro zone debt crisis


China promises help with euro zone debt crisis


Chinese Premier Wen Jiabao, on his visit to Germany, has said that Beijing is willing to assist Europe over its debt crisis and could buy the government bonds of some euro zone countries if needed.

At a joint news conference with German Chancellor Angela Merkel, he said China has confidence in Europe’s efforts to tame the debt crisis: “Europe’s problems show that the world economy is still in a state of uncertainty and instability but these problems are only temporary. If Europe is in trouble, China will extend a helping hand.”

As on previous occasions when talking about euro zone debt, Wen did not give specific figures on potential purchases, nor which countries’ debt China might purchase.

It is estimated China bought more than 40 billion euros worth of euro-denominated assets this year, much of that in peripheral economies.

The German leader said China has a “massive” interest in a stable euro though some policymakers, such as European Central Bank board member Juergen Stark, have cautioned against seeing China as the “rescuer” of the common European currency.

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