CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

U.S., European debt woes call for global cooperation

08-08-2011 14:38 BJT

BEIJING, Aug. 8 (Xinhua) -- With both the United States and the European Union (EU) embroiled in unwieldy debt problems, it is time for the whole world to pick up the in-the-same-boat spirit again and ride out the current crises together.

During the past week, worries about the growing public debt loads in the United States and several European countries wiped some 2.5 trillion U.S. dollars off the stock markets worldwide, testifying to the global impact of local financial challenges in today's increasingly globalized world.

Given the mounting economic interdependence among countries, an economically healthy and fiscally sound United States and Europe serve the fundamental interests of the entire international community, including China.

As a major trading partner of both the United States and the EU, China has a sincere hope for an early end to the U.S. and European debt woes.

Meanwhile, the fact that world economic recovery remains fragile in the aftermath of the recent international financial wipeout and economic downturn adds extra urgency to the solution-seeking process and highlights the need for global cooperation.

It is heartening to see that policymakers from the Group of Seven advanced economies have already been on the move to develop a holistic approach to and chart a safe course out of the world-rattling U.S. and European debt troubles.


Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program