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Debt crisis offers fresh opportunity for China-EU interaction

09-14-2011 14:13 BJT

BEIJING, Sept. 14 (Xinhua) -- China is lending Europe a helping hand as the continent is struggling to contain a lingering debt crisis, which could serve as a fresh opportunity for many Europeans to cease regarding China as a threat and as a responsible economic partner instead.

As the latest example of China's good intention, Foreign Ministry spokeswoman Jiang Yu, in response to the question on whether China would purchase Italian bonds, Tuesday reiterated that Europe will continue to be one of China's major foreign investment markets.

Just 12 days ago, Chinese Premier Wen Jiabao, in a phone conversation with European Commission President Jose Manuel Barroso, threw his weight behind the European market by saying China always has had confidence in the European economy and the euro and will continue to make Europe one of its main investment markets.

The European debt crisis first broke out in Greece in 2009, and has swept across the continent. Debt-ridden Greece, yearning for an effective bailout, is facing awful but substantial odds of default, while many European countries are also bogged down by the severe debt crisis.

From the beginning, the Chinese government has adopted a series of positive measures, such as increasing its holdings of euro bonds and promoting its economic cooperation and investment in Europe, to help European countries tide over the crisis.

China, as the world's biggest foreign buyer of U.S. Treasury bonds -- it now owns over 1.1 trillion U.S. dollars of them -- is trying to diversify its foreign exchange reserves through a package of measures, including moving closer to euro bonds.

This will lessen the world's dependence on the U.S. dollar as the sole global reserve currency and begin a shift toward a more multipolar reserve system.

This will be beneficial for both Europe and China, and helpful for the establishment of a more stable and reasonable global financial order.

Debt crisis offers fresh opportunity for China-EU interaction 2011-09-14 13:12:57 FeedbackPrintRSS

Currently, the European Union (EU) is China's biggest trading partner, while China is the EU's second largest. During Premier Wen's Europe visit in June, he and his British and German counterparts put forward their ambitions of increasing trade between China and Britain from 60 billion dollars in 2010 to 100 billion in 2015 and nearly doubling trade between China and Germany to 280 billion dollars during the same period.

Europe, while enjoying critical support from China on the debt crisis, could also further help strengthen Europe-China relations by taking some pragmatic and substantial measures to show its sincerity and good will in interacting with China.

For example, the EU has yet to recognize China's full market economy status and is still imposing an arms embargo on China, which China regards as acts of discrimination.

If the EU adopts positive measures on these issues, they will be conducive to boosting mutual trust between China and Europe.

By doing so, the EU can show the Chinese people that it accepts the facts that China has made significant progress in its market-oriented economic reforms over the past three decades and that China is a constructive force in maintaining regional and world peace and stability.

Editor:Wang Xiaomei |Source: Xinhua

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