Hu Jintao Optimistic EU Can Recover from Financial Crisis

Chinese leader Hu Jintao said on Monday Europe has the capacity to recover from its financial crisis. He spoke after seeing Austrian President Heinz Fischer during his official visit to Austria.

[Hu Jintao, Chinese Regime Leader]:
"We are convinced that Europe has the wisdom and has the competence to overcome the current difficulties."

Hu expresses support for the European process.

[Hu Jintao, Chinese Regime Leader]:
"China is watching the development of the European Union very positively… We are following the economic development under the current difficulties with attention.”

Hu emphasized the important role of larger global economies during uncertain times.

Last weekend, the European Financial Stability Facility (EFSF) head Klaus Regling invited the Chinese regime to invest in the facility by purchasing bonds that could be sold in yuan. Hu has made no proposal to buy more EU government debt despite Regling’s assurance that investors can be shielded from losses.

Besides promising support, the Chinese regime has not revealed if it will play a key part with helping the European Union’s recovery.