China sends warning to Europe on debt crisis

The red flag was raised in Beijing’s Tian’anmen Square to mark the 62nd anniversary of the founding of the People’s Republic of China.

More than 120,000 gathered for the ceremony attended by the president, Hu Jintao and state leaders.

While the country marked its historic day a warning to Europe dominated the front page of the overseas edition of the People’s Daily, the official paper of the ruling Communist Party.

European countries must act decisively to resolve the euro zone debt crisis or risk having some member states forced out of the single currency was the message.

It is seen as evidence of Beijing’s concern over the safety of its investments in the euro zone. Analysts estimate China holds about a quarter of its foreign exchange in euro assets.

“Europe must show great wisdom, great boldness and great resolve and genuinely go into action,” added the article.

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