Although it does not intend to buy Europe China announces $ 550 billion sovereign debt of European
02/16/2012 Voice of Iraq / agencies
Chinese sources confirmed that China does not intend to «buy Europe», before the convening of a summit between China and the European Union this week in Beijing. The sources said that «China does not have the desire nor the ability to purchase or control of Europe, also said some countries, but more than that it fully supports the euro and the European Union». The Chinese Prime Minister Wen Jiabao announced in early February that China does not intend to and are not able to «buy Europe», speaking at an economic forum took place in Canton (south) and was attended to by German Chancellor Angela Merkel. Stressing his country's intention to help Europe to overcome the debt crisis, said «that some believe that this means that China wants to buy Europe» but «China does not have the intention nor the ability of her in it».
China has more than $ 550 billion of European sovereign debt, according to experts, information has not been confirmed officially. The Chinese government expressed the hope to make Europeans more efforts to resolve the current debt crisis. Beijing has demanded the Europeans, said in a statement to the Ministry of Foreign Affairs, «make radical reforms» in economic structures and fiscal policy, especially for the countries directly concerned with the worsening crisis of sovereign debt.
Liu Weimin, Chinese Foreign Ministry spokesman, said his country hopes to make positive efforts of the European Union to keep its economy stable. On the other hand, said Xi Jinping, Chinese vice president, in an interview published before his planned visit to the United States, that Washington should not allow differences that undermine the economic and trade policies of economic relations with China is very important. Said Shi, who is believed widely that the next President of China in written answers to questions from the newspaper «Washington Post», that China provides enormous economic benefits to the United States. He added that the economic relations «will not have a sustainable and fast growth if it does not on mutual benefit, or failed to achieve economic benefits for the United States».
U.S. politicians have criticized China for keeping the nation's currency artificially undervalued to boost exports and to ignore intellectual property rights and support for certain industries, such as solar energy, to the detriment of competition. Chi and visit the United States this week, China has reiterated its commitment to reform the exchange rate of the currency. Xi said «We will continue to move forward in reforming the mechanism for determining the exchange rate of the yuan and to provide an atmosphere characterized by justice and the rule of law, transparency of investment». He «at the same time we hope to take important steps the United States as soon as possible to ease restrictions on exports of advanced technology to China, and to provide equal opportunities for Chinese companies to invest in United States».