 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Shanghai (AFP) Dec 24, 2010 China's commerce minister has warned that measures being taken in Europe to fix the sovereign debt crisis are "turning an acute disease into a chronic one", state media said Friday. The comments from Chen Deming come after China said this week it supported measures taken by the European Union and the International Monetary Fund to ensure financial stability in the eurozone and pledged to buy government debt. But Chen said the 750-billion-euro (984-billion-dollar) rescue fund set up for EU countries struggling under mountains of debt as well as ongoing bond sales would not resolve the crisis. "These measures are turning an acute disease into a chronic one. It's hard to say if the nations mired in the debt crisis can recover in three to five years," Chen was quoted saying in the Shanghai Securities News. He also warned China must closely watch the development of the crisis, particularly in January and February. Earlier this week, Chen told reporters on the sidelines of Sino-EU trade talks in Beijing that China was "very concerned about whether the European debt crisis can be controlled". China's ambassador to the EU, Song Zhe, however, said the Asian country was confident "the euro will emerge from the crisis", in remarks posted on the foreign ministry's website Friday. Foreign ministry spokeswoman Jiang Yu on Thursday repeated China's backing to eurozone countries and said Europe would be a "major market" for investment of Beijing's massive foreign exchange reserves. But Jiang refused to comment on specifics about how Beijing would invest in Europe. China has pledged to buy bonds from Greece and Portugal but it has not yet made any concrete commitments on the size of its investment. A report in Portuguese newspaper Jornal de Negocios said Wednesday that Beijing was ready to buy up to five billion euros (6.5 billion dollars) of Lisbon's sovereign bonds. Analysts said China's support for the euro was being driven by its desire to ensure its biggest trade partner continues buying its exports and to diversify its world-leading foreign exchange holdings away from the dollar.
Share This Article With Planet Earth
Related Links The Economy
US sees 'troubling trend' of Chinese economic interventionWashington (AFP) Dec 23, 2010 The top US trade official expressed concern over a "troubling trend" toward Chinese state intervention in the economy, according to an annual report sent to Congress on Thursday. Amid a swathe of trade disputes between the two economic powers, the US Trade Representative said "significant questions have arisen regarding China's adherence to ongoing (World Trade Organization) obligations." ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook
