Europe will not let the euro fail and European Union countries are committed to cutting deficits, the president of the European Council told Chinese officials on Tuesday, seeking to ease fears that the eurozone crisis could imperil China's investments.
"All EU countries are bringing down public deficits. The most vulnerable countries are undertaking determined action to come out of the crisis," President Herman Van Rompuy said in a speech at the Central Party School in northwest Beijing, which trains rising Chinese leaders.
"I want to acknowledge the confidence that China has demonstrated towards Europe in those difficult moments. A stable eurozone is in our common interest," he said in his prepared remarks to officials studying at the school.
His four-day China visit has coincided with a deterioration in Europe's 18-month sovereign debt crisis, with growing concerns that Greece could be forced to restructure its debts and Ireland and Portugal also coming under pressure.
China signalled last month that it was ready to buy more debt from the eurozone's weaker states. There are no precise figures, but China has said it has bought billions of euros of debt.
Van Rompuy said Greece and Ireland had received financial assistance attached to strict policy measures and that an agreement with Portugal had been reached.
"And allow me to remind you that although these countries enjoy a disproportionately high attention of international press, together they represent only 6 percent of the eurozone's GDP," he said.
Van Rompuy noted the strengthening of the banking regulation and EU's economic recovery, with expectations of 1.8 percent growth in the EU this year, and 2 percent growth in 2012.