Cracks beneath the facade

Phil’s Favorites
June 27, 2011

The Week Ahead

China

On Thursday, Qu Xing, director of the China Institute of International Studies, a Foreign Ministry think tank, told reporters that China doesn’t want to see debt restructuring in the Eurozone and is working with the IMF and countries involved with the debt crisis in an attempt to avoid it. On Saturday, speaking at a press conference during a visit to Hungary, Premier Wen Jiabao said, “I have confidence in European economic development. China is a long-term investor in Europe’s sovereign debt market. In recent years we have increased by a quite big margin holdings of Euro bonds. In the future, as we have done in the past, we will support Europe and the Euro.” (China to remain long-term investor in Europe’s debt). On Sunday, on a tour of the Chinese-owned Longbridge MG Motor factory in Birmingham, central England, Premier Wen told BBC it will lend to European countries, and also plans to stimulate domestic demand and reduce its foreign trade surplus. (Reuters)

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This article was posted: Sunday, June 26, 2011 at 10:19 pm

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