Chinese Premier Wen Jiabao told Spain's visiting prime minister Tuesday that Beijing is ready to buy more Spanish public debt, voicing confidence in Europe's recovery. Prime Minister Jose Luis Rodriguez Zapatero, who will also visit Singapore, is seeking new investments to shore up Spain's economy as it tries to avoid a crisis in refinancing and raising new debt.
The European Union and the International Monetary Fund bailed out Ireland and Greece last year and have now offered to help Portugal. Spain's economy is as large as that of Ireland, Greece and Portugal combined. "China is willing to continue to buy the national debt of Spain," Wen said in comments released by the foreign ministry. "China is a responsible and long-term investor in the European financial market, and supports the relief measures by the EU and the International Monetary Fund," the Chinese premier said.
"I am convinced that Europe will certainly realise its stable economic and social development." A statement from Zapatero's office in Madrid said Wen also "promised during his meeting with the Spanish prime minister to invest in the restructuring of the savings banks."
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