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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.

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