“China is a long term investor in Europe’s sovereign debt market,” Wen said in translated comments at a press conference with Hungarian Prime Minister Viktor Orban in Budapest yesterday. “In recent years, we have increased by quite a big margin our holdings of government bonds. We will consistently continue to support Europe and the euro.”
China will buy a “certain amount” of Hungarian government bonds, Wen said. The premier later travelled to the U.K. and will also visit Germany on his three-nation European tour.
European Union leaders vowed on June 24 to stave off a Greek default as long as Prime Minister George Papandreou pushes through a package of budget cuts by the end of the month, pledging to do whatever it takes to stabilize the euro economy.
European stocks fell for an eighth week, the longest stretch of losses since 1998, and German government bonds rose for a third week as concern grew that Greece will default and the Federal Reserve cut its growth forecast for the U.S.
“China is ready to work with Europe to share opportunities, cope with challenges and achieve common development, and to make unremitting efforts for stable development of the world economy and an in-depth development of China-Europe ties,” China’s state-run Xinhua news agency cited Wen as saying yesterday.
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