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June 30, 2015

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Premier Li reassures Europe over eurozone debt holdings

Source: Agencies | June 30, 2015, Tuesday | Print Edition

CHINA yesterday promised the European Union it would hold on to its eurozone debt, saying that the Greek debt crisis was Beijing’s problem too.

The comments by Premier Li Keqiang just before a China-EU summit in Brussels appeared aimed at soothing European financial markets that took fright at the growing risk that Greece will leave the euro.

Li told European Parliament President Martin Schulz that China would be “a long-term, responsible holder of euro debt,” according to China Central Television.

Li told him “this is not only a European problem, but relates to China-Europe relations too and is a problem for the world.”

Schulz said that political and economic ties between the EU and China are vital to both the present and the future.

China is playing an important role on many global issues, such as balanced development of global economy and trade, and regional security as well as climate change, Schulz said.

The EU appreciated China’s efforts to actively deal with climate change by developing a green economy and strengthening environmental protection legislation, Schulz added.

The two sides have decided to set up a dialogue mechanism for legal affairs, which would promote mutual understanding and exchange of views, Xinhua news agency reported.

Li was due to address business leaders later in the day and hold his first summit with the new heads of the European Commission, Jean-Claude Juncker, and the European Council of EU leaders, Donald Tusk.

The EU has been aiming to broaden its relations with China at the summit, hoping for Chinese investment in Europe’s new infrastructure fund and support for a global climate deal.

An expected multi-billion euro pledge by Beijing to invest in European telecoms infrastructure heads the agenda.

The pledge follows decisions by EU governments to join the Chinese-led Asian Infrastructure Investment Bank in defiance of Washington.

“We expect Li to announce a very important contribution to the infrastructure plan,” said Emma Marcegaglia, president of Business Europe, which represents 39 industry and employer groups in 33 countries. “It’s a sign of the better ties.”

The summit was also expected to be the occasion for China to boost its environmental credentials and voice solidarity with the EU’s push for a new global deal on climate change at UN talks late this year hosted by France.

China has shifted its stance since the UN summit of 2009, the last attempt to reach a climate deal. Beijing had said it will submit its plans for emissions reduction to the UN in the first half of this year.

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