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China state paper urges guarantees for euro bailout

By REUTERS

SEPTEMBER 17, 2011 06:33

BEIJING - China should demand the debt-stricken euro zone area guarantee investments, an editorial in the country's top official paper said on Saturday, arguing that Beijing must not enter single-handedly into any European debt bailout.

The call came in an editorial of the overseas edition of the People's Daily, the official paper of China's ruling Communist Party. While such an editorial does not amount to a statement of government policy, it underscored the pressures on Beijing to win assurances for investments in the troubled euro zone.

"For China, under the conditions of globalization, supporting Europe out of its debt crisis would help global economic recovery and the stability of the international financial system, and as well Europe remains China's biggest export market," said the front-page editorial written by Li Xiangyang, a foreign policy researcher at the Chinese Academy of Social Sciences, a state-run think tank in Beijing.

"However, we must clearly understand that there are systemic risks in investing in European bonds," wrote Li.

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