China backs EU fi­nance mea­sures at start of trade talks

The Pak Banker - - International -

BEI­JING: China backs mea­sures taken by the Euro­pean Union and In­ter­na­tional Mon­e­tary Fund to en­sure fi­nan­cial sta­bil­ity, Chi­nese Vice Premier Wang Qis­han said Tues­day at the start of Sino-EU trade talks.

Wang, speak­ing at the open­ing of the day-long high­level eco­nomic and trade di­a­logue, said Bei­jing would help some EU mem­bers com­bat the sov­er­eign debt cri­sis, state me­dia and Dow Jones Newswires re­ported.

"It is in the fun­da­men­tal in­ter­ests of China and the EU to fur­ther strengthen mu­tu­ally ben­e­fi­cial eco­nomic co­op­er­a­tion," Xin­hua news agency quoted Wang as say­ing.

Last week, EU lead­ers pledged to de­fend debt-plagued eu­ro­zone na­tions with a per­ma­nent bailout mech­a­nism from mid-2013 --the suc­ces­sor to a tem­po­rary, IMF-backed tril­lion­dol­lar fa­cil­ity. Greece and Ire­land have both been bailed out by the EU and the IMF. Por­tu­gal, Spain, Bel­gium and even Italy are con­sid­ered at risk by ex­perts go­ing into 2011. In Oc­to­ber, China pledged to back Greece, which nearly de­faulted this year when in­vestors snubbed its debt, by buy­ing its bonds in fu­ture debt is­sues. Dur­ing a visit to Lis­bon last month, Chi­nese Pres­i­dent Hu Jin­tao pledged to help Por­tu­gal shed its fis­cal cri­sis but Bei­jing has not yet made firm prom­ises re­gard­ing the pur­chase of Por­tuguese govern­ment debt.

Wang was co-chair­ing Tues­day's talks with Euro­pean Com­mis­sion Vice-Pres­i­dent in charge of com­pe­ti­tion pol­icy Joaquin Al­mu­nia, Trade Com­mis­sioner Karel De Gucht, and Com­mis­sioner for Eco­nomic and Mon­e­tary Af­fairs Olli Rehn.

Al­mu­nia said the 27-nation bloc wanted to see "equal open­ness" in both the China and EU mar­kets, as well as open ac­cess for the EU to raw ma­te­ri­als. -Ap

TOKYO: A busi­ness­man runs past an elec­tric board show­ing global stock price in­dexes, at a se­cu­ri­ties' firm in Tokyo, Ja­pan, Tues­day. Nikkei 225 stock av­er­age climbed 1.5 per­cent to 10,370.53 af­ter the Bank of Ja­pan kept mon­e­tary pol­icy un­changed at the cur­rent su­per loose set­ting af­ter a key sur­vey last week showed de­te­ri­o­rat­ing busi­ness sen­ti­ment. -Ap

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