China backs European measures for tackling sovereign debt crisis

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Beijing, Dec 8: China has backed European efforts for further integration and European Union measures to tackle a sovereign debt crisis.

Chinese Foreign Ministry spokesperson Hong Lei said Beijing would work in collaboration with the international community to revive the global market and encourage growth of the world economy.

“We have noted that the EU has made a series of important proposals to address the European sovereign debt crisis and we hope such proposals can work to help stabilize the market, restore market faith and prevent the crisis from deteriorating,” Xinhua quoted Lei, as saying.

His statement came in the wake of France and Germany agreeing to undertake reforms to amend the European Union treaty and impose strict control on eurozone budgets.

The new treaty would include automatic sanctions for states that fail to abide by three percent deficit rule, as well as a budget-balancing rule across the eurozone.

Lie said significant decisions to tackle the crisis might be taken during the EU summit, which is scheduled on December 8 and 9.

Twenty seven EU members will meet in Brussels to discuss how to resolve the eurozone crisis on December 8 and 9. (ANI)