China calls for steps on euro zone crisis

Updated: 2012-02-29 15:46


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BEIJING - China on Monday called for steps to address the euro zone debt crisis, high oil prices and volatile capital flows, adding that Group of 20 nations should focus on ensuring a global economic recovery and financial market stability.

At the G20 meeting, leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout fund.

Some non-European countries, led by China and Japan, seem willing to give more cash to the International Monetary Fund (IMF) but only if Europe moves first.

Xinhua news agency quoted Vice-Minister of Finance Zhu Guangyao as reaffirming Beijing's pledge to help Europe to cope with the crisis.

"China's position is very clear. We will provide necessary support (to Europe) by joining the international community under the framework of the IMF and G20, on the premise that Europe makes full efforts itself," Zhu was quoted as saying.

Chinese leaders have repeatedly said they remain confident about Europe's ability to cope with the debt crisis and have pledged to continue to invest in euro zone government debt.

The statement after the meeting of finance chiefs in Mexico City summarized key issues at the meeting and speeches made by China's central bank chief Zhou Xiaochuan and Zhu.

"Facing the severe and complicated world economic situation, the G20 should strengthen cooperation and make the task of promoting financial market stability and (economic) recovery and growth its top priority," said the statement which was published on the central bank's website.

"It should make efforts to tackle the euro zone debt crisis, rising oil prices and disorderly capital flows," it said.