Updated on
Summary World's second-largest economy China has invested significant sums in European debt.
China on Thursday welcomed a last-ditch deal by European nations meeting in Brussels to tackle their festering debt crisis, saying it would lift market confidence.China, the worlds second-largest economy, has invested significant sums in European debt and has repeatedly called on Europe to address its sovereign debt crisis, saying a failure to act risks dragging the world back into recession.Klaus Regling, the head of the eurozone bailout fund is to visit Beijing on Friday as Europe tries to persuade China, Brazil and other top emerging economies to come to their rescue, possibly by contributing to the fund.Chinas foreign ministry also confirmed that President Hu Jintao would speak to his French counterpart Nicolas Sarkozy later Thursday to exchange views on the international financial situation, without elaborating.The comments came hours after Sarkozy announced at a summit in Brussels that eurozone leaders had agreed to leverage the 440-billion-euro European Financial Stability Facility to one trillion euros ($1.4 trillion).The state-owned China Daily newspaper, citing a source close to EU decision makers, said Wednesday China and other top emerging economies had agreed to help eurozone countries by contributing to the bailout fund.But on Thursday Chinas state Xinhua news agency said Europe needed to take responsibility for the crisis, and not rely on good samaritans to bail out the continent.Two senior EU diplomats told AFP Wednesday that China had agreed to invest in the rescue fund.Brazil and Russia also indicated backing, but foreign ministry spokeswoman Jiang said only that Beijing had an open attitude and would discuss with the European side multiple ways of cooperation.
Featured
