MercoPress. South Atlantic News Agency

China sets out terms for supporting the Euro bail package

“A crisis always contains opportunities”, according to a Chinese saying

The European Union (EU)'s new bailout deal reached Thursday served a boost to global markets. China, as a major trade partner with the EU, welcomes its step to tackle the debt crisis and expects to enhance cooperation with the regional bloc for world economic recovery.

In a long piece from the Chinese official news agency Xinhua, it argues that the Euro zone is now facing difficulties as the ripples of the 2008 financial turmoil are still spreading. As a vital part of world economy, the EU efforts will surely have impacts on world economy, including China which has a strong tie with Europe.

The new debt crisis relief plan will stimulate confidence and play a positive role in stabilizing global financial markets in the short term, while constructive problems of the European integration remain and a European Financial Stability Facility (EFSF) with more firepower would not play a magic role in addressing the root cause of the problems.

Thus Europe is expected to face challenges of dealing with debt burdens, boosting economy and facilitating integration for years to come.

As a Chinese saying goes, a crisis always contains opportunities in itself. Europe's current painfulness arduousness to some extent is a certain inevitability on its way to integration, and the EU nations' drive to this end would help remove obstacles on the way to a more efficient and unified Europe.

The crisis can also be an opportunity for expanding cooperation between China and Europe, for which strategic vision is needed.

To achieve the goal by lifting barriers and reducing trade frictions, both sides have to treat each other from a reciprocal prospective.

The issue as to recognition of China's full market economy status has long been a stumbling block to the development of China-EU relations.

European leaders, especially those of great insight, have begun to reflect on the problem, but any delays in seeking a solution, along with persistent practice of protectionism in the name of fair trade, is a clear sign of short-sightedness.

Beijing, as always, is ready to work closely with the EU to enhance coordination, while Chinese leaders have reaffirmed willingness to extend a helping hand to Europe. And China will continue to play a responsible role in China-EU relations.

Against the backdrop of volatile changes in global economy, the world has little option but to get united and take concerted steps.

For the EU, any progress in tackling the debt crisis will be a boost for the world economic recovery while China, with its stable economic growth, will unwaveringly promote cooperation with Europe and other economies for a sustainable and balanced world economic growth.