Chinese Premier: European stability is in the interest of China

A stable Europe is in the interest of China, said Chinese Premier Wen Jiabao in statements published Sunday after a visit to Beijing by German Chancellor Angela Merkel. “First, the largest market for our exports is Europe,” said Wen Jiabao Saturday in Guangzhou, adding that Europe was the main source of technology for China. “To help stabilize the European market, it’s actually help ourselves. We must stabilize the export and import policy,” he added.

During the visit of Angela Merkel to strengthen the confidence of China in Europe, Wen Jiabao had already stressed the “urgency” for Europe to settle the debt crisis and said that Beijing was considering an “increased participation “to the Europe relief fund. The crisis in Europe has resulted in downgrade the credit ratings of nine eurozone countries by rating agency and plunged Greece to the brink of bankruptcy. Wen Jiabao has urged the international community to work for the region, which is the first export market for Chinese. “China is seeking, through the International Monetary Fund, to participate in solving the debt problem through the European EFSF and ESM,” said Wen Jiabao, in reference to the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM), the permanent fund that will succeed the EFSF and to be implemented in July.

China, the second largest economy, is concerned about the consequences of the crisis in the EU and has repeatedly called on European leaders to resolve the situation.