Bloomberg News

China Says Europe Debt Plan Will Boost Market Confidence

October 27, 2011

(Updates with spokeswoman quote in second paragraph.)

Oct. 27 (Bloomberg) -- The European debt plan reached today in Brussels is “conducive to lifting market confidence,” Chinese foreign ministry spokeswoman Jiang Yu said.

China “welcomes the EU summit’s framework consensus on the European debt crisis,” she said at a regular press briefing in Beijing. “It is conducive to lifting market confidence, promoting the sustainable economic development of the EU and Eurozone, and will inject new vitality into European integration.”

Jiang said that Chinese President Hu Jintao will speak with French President Nicolas Sarkozy about the financial situation in Europe this afternoon, and that China is ready to work with the international community to stabilize markets.

“China supports the EU’s active measures to tackle the financial crisis,” Jiang said.

European leaders persuaded bondholders to take 50 percent losses on Greek debt and boosted a rescue fund to 1 trillion euros ($1.4 trillion), responding to global pressure to step up the fight against the financial crisis.

--Kevin Hamlin. Editor: Nicholas Wadhams

To contact Bloomberg News staff for this story: Kevin Hamlin in Beijing at khamlin@bloomberg.net

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net


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