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China Welcomes EU Summit Outcome

China is welcoming the outcome of the European Union summit and says it is ready to work with the EU to overcome the financial crisis there.

Foreign ministry spokeswoman Jiang Yu says Beijing believes the outcome will lift market confidence, promote sustainable EU economic development and inject new vitality into European integration.

China has more than $3 trillion in foreign exchange reserves. When asked if China is ready to offer concrete financial aid to the EU, Jiang said only that China is willing to help.

She calls the EU an important strategic partner and says China has faith in the Eurozone economy.

Jiang says stable EU economic growth is vital to global economic recovery. She says China supports the EU's series of “positive” efforts to tackle the current financial crisis and is ready to work with the EU to overcome the difficulties.

No details were given about what China plans to do to help.

Jiang confirmed that Chinese President Hu Jintao and French President Nicolas Sarkozy will speak by telephone Thursday. Analysts say Sarkozy is trying to win China's support for the eurozone rescue fund, known as the European Financial Stability Facility.

The phone conversation comes one day before the head of the European Financial Stability Facility, Klaus Regling, meets with officials in China.

Chinese Premier Wen Jiabao has said Beijing is ready to help Europe deal with its current debt crisis, but he called on Europe to recognize China as a full market economy. His comments came at a World Economic Forum meeting in China in September.