Will China be Europe's savior?

By Zheng Xiwen (Guangming Daily)

15:51, September 30, 2011

Edited and Translated by People's Daily Online

Recently, the media has been full of news on the European debt crisis. Suggestions about solving the European debt crisis are various, and voices calling on China to open its wallet to get Europe out of the “difficult position” can be heard without end. 

In addition, it seems that the market also regards China as a life-preserver for Europe. The rumor that the Italian government and the China Investment Corporation are discussing the issue of China investing in Italy's securities even raised the exchange rate of the euro. Will China be the rescuer of Europe like a knight in shining armor expected by the Western society? 

Developing countries actually cannot solve the crisis of extremely affluent Europe. The European countries trapped by the debt crisis are all developed countries and their annual per capita income is more than 30,000 U.S. dollars. But China is still a developing county. Its annual per capita income is only 4,400 U.S. dollar and China still has 150 million people living under the poverty line set by the United Nations. European countries can provide a cradle-to-grave social welfare system for their people, but China's basic social security system for its entire people is still in its infancy. 

As a responsible country, China has helped Europe within its capacity. China bought the debt securities of European countries when the European debt crisis was at the severest degree, and China has expressed in public its confidence about the euro and the European economy many times. In addition, China is still enlarging its trade with and its investment in Europe to make a contribution to solving the unemployment issue and promoting the economic growth of Europe. 

In 2010, China's newly added investment in Europe was about 6 billion U.S. dollars, up about 100 percent compared to 2009. China has invested and established about 1,600 enterprises in member countries of the European Union and created 37,700 jobs for Europeans. In the first half of 2011, the total volume of China's imports from Europe was 65.6 billion euro, up 23 percent. Like this, China has been practically supporting Europe in both words and actions.

Ultimately, only Europe itself is able to save Europe. Currently, what the euro zone lacks is not cash or a life-preserver but political determination and courage. Up to now, politicians of Europe, who are affected by public opinion or are concentrating on elections or are busy fighting for power and money, have adopted only temporary measures. They still cannot solve the defects of their current system fundamentally or propose practical plans that could solve the economic structural contradictions of Europe and help the long-term development of Europe. Such a Europe cannot be saved by anyone else. 

God helps those who help themselves. Pinning one's hope on the aid from others means escaping from the challenge and responsibility. Only when the politicians of Europe show their courage and wisdom, go beyond the narrow populism and election politics, make their countries shoulder their responsibilities as the most developed economies and propose really practical plans can the people of the world see the hope of solving the European debt crisis.

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