China Perspective

China supports EU for financial stability

(Xinhua)
Updated: 2010-12-21 12:53

BEIJING - China supports the measures taken by the European Union (EU) and the International Monetary Fund to create financial stability, said Chinese Vice Premier Wang Qishan in Beijing Tuesday.

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Hailing the good momentum of the China-EU comprehensive strategic partnership, Wang said at the opening of the 3rd High-Level Economic and Trade Dialogue (HED) that China would help some EU members combat the sovereign debt crisis.

China has become the second largest market for the EU and the EU has been China's top trading partner for six straight years, Wang said, citing that the trade volume for the first 11 months this year had reached $433.9 billion, up 33 percent year on year.

"It is in the fundamental interests of China and the EU to further strengthen mutually beneficial economic cooperation," said Wang.

Confidence in the world economy is lacking. There is inadequate global demand, excessive liquidity and the international financial market is turbulent, said Wang.

Because of the complicated scenario, the Chinese government has improved macro-control, adopted a proactive fiscal policy and a prudent monetary policy to maintain steady and relatively fast economic growth, he said.

"China and the EU should have confidence and enhance cooperation to work together for a robust, sustainable and balanced growth," the vice premier said.