Foreign and Military Affairs

China ready to buy more of Spain's bonds

Updated: 2011-04-12 21:07
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BEIJING- China on Tuesday said it was ready to buy more of Spain's government bonds, signifying China's efforts in helping European countries overcome the debt crisis.

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"China would like to continue to buy Spain's government debts and play a part in supporting the Spanish savings bank restructuring bond," Premier Wen Jiabao said in a meeting with Spain's Prime Minister Jose Luis Rodriguez Zapatero on Tuesday afternoon.

Zapatero lauded China's prompt and staunch support when his country, the fourth largest economy in the Eurozone, was hit hard by the global financial crisis.

"The support helped build up Spain's confidence and capability to prevail over difficulties and ensure the stability and development of Spanish and European economies," Zapatero said.

Since the 2009 outbreak of the sovereign debt crisis in Europe, China has continued buying the national bonds of Spain and other European nations, helping them weather the crisis with concrete efforts, according to China's commerce ministry, without specifying the amount China has bought.

Wen said the European Union will be able to overcome the sovereignty debts crisis faced by some member countries, citing the EU's status as the largest bloc of developed countries, which boasts a solid economic basis, advanced technology and high quality human resources.

"As a responsible and long-term investor in the European financial market, China supports the bail-out measures by the EU and International Monetary Fund (IMF)," Wen said. "I am convinced that Europe will surely accomplish its economic and social stability and development."

Wen said China cherished its trust and friendship with Spain and would like to deepen an all-round strategic partnership.

Zapatero, who arrived in Beijing earlier Tuesday, said Spain welcomed China's greater investment and called for stronger cooperation in people-to-people exchanges, tourism and infrastructure.

Zapatero was scheduled to meet with China's Vice Premier Li Keqiang, Chinese financial officials and investors.

He will also fly to the southern Chinese island of Hainan for the Boao Forum for Asia, an annual conference of government officials, business leaders and academics.