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Chinese leaders warn of deteriorating Euro debt crisis, stress IMF reform
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Eurpean Debt Crisis

Source: news.xinhuanet.com, 11th November 2011

Top Chinese leaders have warned of the dangers of a deteriorating European debt crisis, vowing to participate in reforms of the International Monetary Fund (IMF) during a two-day visit to China by the mechanism's chief, Christine Lagarde.


"The European sovereign debt crisis has raised the fiscal and financial risks in developed economies, throwing in severe challenges to world economic recovery," Premier Wen Jiabao told Lagarde during a Thursday meeting.

Lagarde, who was appointed Managing Director of the IMF in June with China's support, is on her first trip to Beijing after she took office.

During the visit, Lagarde discussed the world economy and the European debt crisis with Premier Wen, Vice President Xi Jinping, Vice Premier Wang Qishan and central bank governor Zhou Xiaochuan.

"China supports the counter measures taken by the European Union, the European Central Bank and the IMF in coping with the sovereign debt crisis," Wen said.

The debt crisis, which broke out in Greece in 2009, is hindering the world economic recovery, with particular recent worries in Italy, the Eurozone's third-largest economy, and in Portugal and Ireland.

"We hope to work closely with various parties... to preserve international financial stability and beef up confidence and driving force for the world economy," Wen said.

The growth of two-way trade between the European Union (EU) and China, now the EU's largest trading partner is slowing due to the crisis.  Read more

Picture Source: news.xinhuanet.com