China Is “Considering” Helping Eurozone

Angela Merkel - Wen Jiabao

Premier Wen Jiabao informed the press that China is “considering” contributing to the eurozone rescue pledge. However, Wen did not make any firm commitment to assist during his news briefing with visiting German Chancellor Angela Merkel.

“China is considering greater involvement in resolving Europe’s debt crisis by participating in the European Financial Stability Fund and the European Stability Mechanism,” Wen said.

China represents $3.2 trillion (£2tn) in foreign reserves for Europeans to bail out struggling eurozone economies. Europe is China’s biggest export market, while Wen reiterated that China supported a stable euro since it has a “great impact” on China.

Chinese purchases of German goods have kept the German economy growing much faster than that of other European countries, and Chinese imports of German technology has allowed the Chinese economy to improve.

(MS)