Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Netanyahu deletes tweet featuring photo of James Foley

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014

Read more

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

  • Europe launches navigation satellites to rival GPS

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Iraqi Sunnis quit govt talks after mosque massacre

    Read more

  • US demands Russia withdraw aid convoy from Ukraine

    Read more

  • Rights group sues US government over ‘deportation mill’

    Read more

  • Colombian army and FARC rebels begin work on ceasefire

    Read more

  • US National Guard starts to pull out of embattled Missouri town

    Read more

  • PSG fall flat once more against Evian

    Read more

  • Fed Chair says US job market still hampered by Great Recession

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Business

Chinese premier pledges support for euro

Text by News Wires

Latest update : 2010-10-03

With the largest foreign exchange reserve in the world, China's Premier Wen Jiabao promised Sunday that his country would continue to support the European economy and increase bilateral trade relations.

AFP - Chinese Premier Wen Jiabao pledged on Sunday to support a stable euro and ease trade ties with Europe as he moved to smooth over past tensions ahead of a key summit in Brussels.
  
"I am convinced that a strong Europe is irreplaceable....China wants to promote and strengthen strategic links with the European Union," Wen said in an address to the parliament in Athens ahead of the Asia-Europe and EU-China summits.
  
He said China would "support the stability of the euro" and Beijing would "not reduce the amount of European bonds that are part of the Chinese foreign exchange reserves."
  
"We have stayed at Europe's side to overcome the crisis and to allow the recovery," he added.
  
With China's foreign exchange reserves the biggest in the world, Wen's pledge was a welcome show of support after Europe battled to beat back a dramatic debt crisis in Greece that nearly destroyed the euro earlier this year.
  
China has become European Union's biggest trade partner in recent years, but ties have been fraught over concerns in Europe about difficulties breaking into Chinese markets and Beijing's policy of holding down the yuan's value to boost exports.
  
China was working to improve its investment environment, protect intellectual property and develop co-operation in the field of technology, Wen said during an hour-long speech broadcast live on the parliament's TV channel.
  
"I hope that Europe will recognise and try to limit protectionism to create a favourable climate to develop reciprical trade," Wen said.
  
"There is no conflict of interest between the EU and China but a complementarity between both sides, China is working to continue opening up" towards Europe, said Wen, who addressed the parliament in Chinese.
  
Wen said European exports to China were up 42 percent in the first half of 2010, and would reach 500 billion dollars by the end of the year.
  
Before his speech, Wen visited the ancient citadel of the Acropolis, the Greek capital's top tourist site, and he called in his speech for direct flights between Greece and China to promote two-way tourism.
  
Wen arrived in Greece on Saturday for the start of a week-long European tour that will take him to Brussels on Monday before visits to Turkey and Italy.
  
The eighth Asia-Europe Meeting (ASEM) of nations that represent 60 percent of the world population and global trade is threatening to be overshadowed by a diplomatic row between China and Japan.
  
All eyes will be on whether Wen and Japanese Prime Minister Naoto Kan will meet face-to-face to ease tensions over a maritime incident near a disputed island chain.
  
Asia's two largest economies have been embroiled in a tense diplomatic standoff since Japan's arrest on September 8 of a Chinese trawler captain near the East China Sea islands, called Senkaku in Japan and Diaoyu in China.
  
The two-day summit will be followed by separate EU talks on Wednesday with China and South Korea that could reveal tensions over China's human rights record and the yuan currency.
  
Beijing is eager to deflect criticism for deliberately keeping the yuan artificially low to make exports more competitive with Washington recently ratchetting up pressure on China over the policy.
  
On Saturday, China pledged to back Greece, which nearly defaulted this year when investors snubbed its debt, by buying its bonds in future debt issues.
  
Crippled by debts of nearly 300 billion euros, the country became in May the first eurozone member to need a financial bailout with a 110-billion-euro EU and IMF rescue package.
  
Wen also signed a flurry of agreements on investment and tourism with his Greek counterpart George Papandreou, and announced the creation of a five-billion-dollar (3.6-billion-euro) fund to help finance the purchase of Chinese ships by Greek shipping companies.

Date created : 2010-10-03

  • GREECE

    China extends trade deals to help Greece tackle deficit

    Read more

  • CURRENCIES

    US House passes currency bill aimed at China's yuan

    Read more

  • TRADE

    US approves sanctions against China in ongoing currency dispute

    Read more

COMMENT(S)