China vows ongoing support to resolve euro crisis

China pledged continued assistance Thursday to help tackle the eurozone debt crisis, saying Europe was “on the right track” but needed to implement the measures agreed to fix its problems.

Premier Wen Jiabao told EU and Chinese business leaders that Beijing had continued purchases of European government bonds in recent months and discussed cooperation with the new eurozone rescue fund, the European Stability Mechanism (ESM).

As the 500-billion-euro (S$794 billion) ESM becomes operational next month, “China will continue to play its part in helping resolve the European debt issue through appropriate channels,” Wen said.

“Europe is on the right track in tackling its debt issue… What is crucial now is to fully implement the policies agreed” to put it on firmer ground, he told the meeting, held alongside the annual European Union-China summit.

The EU and China form “one of the most important partnerships in the world,” added Wen, who will step down early next year as China changes leadership.

Via –AsiaOne


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