Bloomberg News

China Says It’s Prepared to Help Stabilize Financial Markets

December 09, 2011

(Updates with spokesman quote in third paragraph.)

Dec. 9 (Bloomberg) -- China is ready to work with other countries to help stabilize international financial markets and promote growth, Foreign Ministry spokesman Hong Lei said in Beijing today.

China notes that “European countries have put forward important proposals to deal with the debt crisis,” Hong told a daily briefing. He said the European Union has the “wisdom and capacity” to overcome the debt crisis.

“We are ready to work with the international community to stabilize international financial markets and promote recovery and growth,” Hong said.

At a two-day summit in Brussels, European leaders outlined a “fiscal compact” to prevent future debt runups, accelerated the start of a planned 500 billion-euro ($666 billion) rescue fund and watered down bondholder loss-sharing provisions.

After overnight negotiations, the leaders added 200 billion euros to their crisis-fighting war chest and tightened anti- deficit rules, seeking to lure the European Central Bank into stepping up its rescue operations.

--Michael Forsythe. Editors: Nicholas Wadhams, Mark Williams

To contact the reporter on this story: Michael Forsythe in Beijing at mforsythe@bloomberg.net

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


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