China to 'support' EU recovery

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The Independent Online

Chinese premier Wen Jibao yesterday pledged to help Europe's faltering economy into recovery, but urged the EU to drop the remaining barriers to high- tech exports and recognise China as a "full market economy".

Speaking to Greece's parliament, he said: "I have repeatedly expressed China's support for a stable euro and said that we will not reduce the amount of European bonds that we hold."

He also said he would address issues of intellectual property and China's rules on foreign investment. Later in the week, the Chinese leader is scheduled to attend an EU-China summit, where the subject of the Chinese Yuan is almost certain to come up.

The under-valuation of the Chinese currency has been a bone of contention in the West. The US in particular has repeatedly urged China to allow the Yuan to appreciate in value.

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