Europe should not expect China to ride to the rescue as its "savior" from the debt crisis, though Beijing will do what it can to help a friend in need, state-run news agency Xinhua said in a commentary on Sunday, according to CNBC.
The head of Europe's rescue fund sought to entice China on Saturday to invest in the facility by saying investors may be protected against a fifth of initial losses and that bonds could eventually be sold in yuan if Beijing desires. Though China has expressed confidence that Europe can survive its crisis, it has made no public offer to buy more European government debt.
Xinhua, in an English-language commentary, said China could not stand by while its largest trading partner foundered.
"Beijing's good-will gesture is a good response to those who see China as a threatening rival to Europe. Despite differences in politics, economy and culture, China and the EU are still good friends and partners," it wrote. "However, amid such an unprecedented crisis in Europe, China can neither take up the role as a savior to the Europeans, nor provide a 'cure' for the European malaise," Xinhua added.
"Obviously, it is up to the European countries themselves to tackle their own financial problems.
Read more at http://www.cnbc.com/id/45093944
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