EU-IMF package should end crisis, China helping: minister

[FarCenter]

AFP - The Chinese government believes that the joint EU-IMF efforts to end the debt crisis in Europe will work, and Beijing is playing its part to ensure that happens, Commerce Minister Chen Deming said Friday.

China "believes in a strong and stable euro," Chen told reporters at a joint press conference after talks in Brussels with EU Trade Commissioner Karel De Gucht.

"The Chinese side is following carefully the development of the sovereign debt crisis in the European Union and hopes, and also believes that the efforts made by the EU and the IMF will end the crisis as soon as possible," he added.

The Chinese minister was talking as EU finance ministers gathered across the road for a "task force" meeting on how to tackle the crisis, after a trillion dollar EU-IMF rescue package for troubled economies failed to reassure financial markets.

The euro hit a four-year low against the dollar this week.

Chen stressed that Beijing was more than a mere casual observer, both as member of the International Monetary Fund and as a key trade partner for Europe, promising to work on the massive trade imbalance which runs in China's favour.

"China is a member of the IMF and therefore it will assume its due responsibilities when it comes to the rescue package," he told reporters.

"The Chinese side will continue to stabilise its exports and incentivise its imports," he added.
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