China backs EU after new debt-crisis-busting bonds

BEIJING -- China will continue to support the European Union's endeavors to cope with the debt crisis, Foreign Ministry spokesman Hong Lei said Friday.

Hong made the remark at a daily press conference when asked for comment on the "Outright Monetary Transactions", a new bond-buying program announced by the European Central Bank on Thursday.

"We have taken notice of the program. We hope it can help stabilize the situation of the debt crisis and lift the market's confidence," said Hong.

The spokesman noted that the early resolution of the European debt crisis is of great importance to both the recovery of the global economy and China's economic development.

"We hope the EU will continue to build consensus and stabilize the situation,"said Hong, adding that China will continue to support the EU's efforts in this regard.

"Outright Monetary Transactions" are designed for open-ended purchases of short-term government bonds to keep borrowing costs down for struggling countries.