China keen to help solve EU crisis

China has said it is willing to get “more deeply” involved in helping find solutions to the European debt crisis.

China has said it is willing to get “more deeply” involved in helping find solutions to the European debt crisis.

Speaking at the closing ceremony of the EU-China summit in Beijing today, Premier Wen Jiabao said China's willingness to support Europe is "sincere and firm".

Mr Wen said his government is considering more involvement in the European Financial Stability Facility and the European Stability Mechanism.

"China is ready to get more deeply involved in participating in solving the European debt issue," he said at at a joint press conference today in Beijing with European Union President Herman Van Rompuy

Mr Van Rompuy said he welcomed the interest China has shown in investing in European sovereign bonds and the European Financial Stability Facility.

"In the past, China has shown in a concrete way its interest in the euro zone by investing in sovereign bonds of individual countries and by investing in European stability instruments," Mr Van Rompuy told reporters.

Mr Wen's comments come after Greece's parliament passed austerity measures needed to receive a second aid package.

China, which has been wooed by European leaders to help fund the temporary EFSF and its permanent successor, the ESM, is pushing for Europe to undertake further structural reforms beyond "contingency" actions such as measures to help Greece, Foreign Ministry spokesman Liu Weimin told reporters in Beijing yesterday.

China has previously said that it needs more detail on any plan to contribute funds to the euro area.

Euro zone finance ministers will meet tomorrow to discuss the second Greek aid package.