IndoCarib
ELITE MEMBER
- Joined
- Jul 12, 2011
- Messages
- 10,784
- Reaction score
- -14
- Country
- Location
Finance ministers of Brazil, Russia, India, China and South Africa will discuss whether to support the euro zone at a meeting in Washington on September 22, a senior Indian finance ministry official said yesterday.
Ministers from the five nations, part of the BRICS group of emerging economies, are in preliminary talks on increasing their holdings of euro- denominated bonds to help ease Europe's debt crisis, a senior Brazilian government official said.
Premier Wen Jiabao said China is willing to help debt-strapped Europe by increasing its investment.
"We have been concerned about the difficulties faced by the European economy for a long time and we have repeated our willingness to extend a helping hand and increase our investment," Wen told the World Economic Forum annual meeting at Dalian.
In return, Wen asked the European Union to acknowledge China's status as a market economy and hoped EU leaders would look at Sino-EU relations from a bold and strategic perspective.
"Based on the WTO rules, China's full market economy status will be recognized by 2016. If EU nations can demonstrate their sincerity several years ahead, it would reflect our friendship," Wen said. He also urged European countries to prevent the debt crisis from spreading.
Zhang Xiaoqiang, the vice chairman of China's National Development and Reform Commission, said China is more willing to invest if it had a choice rather than buy bonds.
People's Bank of China adviser Li Daokui urged Beijing not to buy Italian bonds blindly unless more fiscal reforms take place.
But Fan Gang, a former PBOC adviser, said the lowly priced Italian debts should give good return. Asian Development Bank chief economist Rhee Changyong said a move by China to buy debts from European countries will only bring a symbolic impact.
But International Monetary Fund managing director Christine Lagarde told an Italian daily that she hopes BRIC nations will not only invest in bonds issued by Germany and the UK, but also those of troubled euro-zone members. STAFF REPORTER AND AGENCIES
BRICS may offer help to Europe - The Standard
Ministers from the five nations, part of the BRICS group of emerging economies, are in preliminary talks on increasing their holdings of euro- denominated bonds to help ease Europe's debt crisis, a senior Brazilian government official said.
Premier Wen Jiabao said China is willing to help debt-strapped Europe by increasing its investment.
"We have been concerned about the difficulties faced by the European economy for a long time and we have repeated our willingness to extend a helping hand and increase our investment," Wen told the World Economic Forum annual meeting at Dalian.
In return, Wen asked the European Union to acknowledge China's status as a market economy and hoped EU leaders would look at Sino-EU relations from a bold and strategic perspective.
"Based on the WTO rules, China's full market economy status will be recognized by 2016. If EU nations can demonstrate their sincerity several years ahead, it would reflect our friendship," Wen said. He also urged European countries to prevent the debt crisis from spreading.
Zhang Xiaoqiang, the vice chairman of China's National Development and Reform Commission, said China is more willing to invest if it had a choice rather than buy bonds.
People's Bank of China adviser Li Daokui urged Beijing not to buy Italian bonds blindly unless more fiscal reforms take place.
But Fan Gang, a former PBOC adviser, said the lowly priced Italian debts should give good return. Asian Development Bank chief economist Rhee Changyong said a move by China to buy debts from European countries will only bring a symbolic impact.
But International Monetary Fund managing director Christine Lagarde told an Italian daily that she hopes BRIC nations will not only invest in bonds issued by Germany and the UK, but also those of troubled euro-zone members. STAFF REPORTER AND AGENCIES
BRICS may offer help to Europe - The Standard
