China ready for bigger part in European debt solution

BEIJING - Chinese Premier Wen Jiabao said Tuesday that China has been ready for a bigger part in the resolution of the European sovereign debt issue.

Wen made the remarks when meeting reporters with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso after they held the 14th leaders' meeting between China and the European Union (EU).

He said that China will forge closer communication and coordination with the European side on the issue.

China's willingness to support the EU in dealing with the debt issue is firm, the premier said.

China supports the EU in strengthening fiscal discipline, and hopes the European side will create a positive and favorable environment to deepen China-EU financial cooperation, Wen said at the leaders' meeting, according to a press release provided by China's Foreign Ministry.

At the beginning of the leaders' meeting, Wen said mutual understanding and joint efforts to deal with difficulties and challenges were in the common interests of China and the EU.

In a speech at a business summit on the sidelines of the leaders' meeting, the premier reiterated that as the EU's comprehensive strategic partner, China supports the efforts made by Europe.

Joint efforts made by the international community in dealing with the European debt issue are very important for the stability and recovery of the global economy and international finance, he said.

China supports the important role of major international financial institutions in addressing the crisis, Wen said, noting that China remains open and positive about the increase of International Monetary Fund resources.

China is also considering more involvement in addressing the issue through the European Financial Stability Facility and the European Stability Mechanism, he said.

China is confident in the European economy and the euro's stability and believes that the crisis will be overcome if the EU stays united, enhances confidence and adopts appropriate policies, the premier said, noting that the key to solving the problems is the EU's own efforts.

Van Rompuy said that China's support helped the EU and Eurozone restore confidence, and they look forward to further cooperation to strengthen the stability of the Eurozone.

EU member states and institutions are striving to maintain the financial stability of the Eurozone through reforms and adjustments, EU leaders said at the leaders' meeting.

A joint press communique was released after the leaders' meeting.

The leaders' meeting had been previously slated for last October, but it was postponed as EU leaders scrambled to combat the Eurozone debt crisis.