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Asia Today ISSN 1861-4604 Wednesday, May 23, 2018

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China backs eurozone, pledges investment

Continue to invest in the EU

Share on Facebook August 31, 2012, Reporter : Deutsche Welle, Reader : 584

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China has assured Europe of its confidence in the eurozone at the start of a two-day visit to Beijing by German Chancellor Angela Merkel. Chinese premier Wen Jiabao said China would "continue to invest in the EU."

At a joint press conference after talks, Wen said: "China has always had confidence in the eurozone, and we are happy to see greater use of the renminbi [China's currency] by European countries in trade and economic transactions."

"Strengthening practical cooperation between China and the EU is conducive to overcoming the eurozone debt problem," Wen said. Governments within the EU had the wisdom to solve the problem, he said, adding that Italy, Greece and Spain must step up their resolve to implement reforms.

His remarks match hopes often expressed in Europe that China would deploy its large foreign exchange reserves to invest in EU bailout funds for over-indebted eurozone nations, which also include Portugal, Greece and Ireland. more...

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