China's Hu hopes eurozone deal stabilises markets

27th October 2011, Comments 0 comments

Chinese President Hu Jintao said Thursday he hoped a European deal to tackle the continent's deepening debt crisis will stabilise financial markets.

Hu made the comments during a telephone conversation with French President Nicolas Sarkozy, who earlier announced eurozone leaders had agreed to leverage the 440-billion-euro bailout fund to one trillion euros ($1.4 trillion).

Hu told Sarkozy he hoped the measures would "help Europe stabilise financial markets, overcome difficulties and push forward economic recovery and development", according to comments posted on the foreign ministry website.

The Chinese leader said he also hoped next week's G20 meeting would send a "strong signal to promote stability".

China, the world's second-largest economy, has invested significant sums in European debt and has repeatedly called on Europe to address its sovereign debt crisis, saying a failure to act risks dragging the world back into recession.

Europe is also a key market for Chinese exports and a downturn in eurozone economies will hurt the Asian country's vast manufacturing sector, which employs millions of people and is a key driver of economic growth.

© 2011 AFP

0 Comments To This Article