It’s not in China’s interest to interfere in the domestic or regional economic middlings of any country. The Middle Kingdom unlike her western counterparts has no ambitions of playing the red knight to rescue Europe from her financial woes, yet an economically strong Europe serves China’s purpose of a well-balanced planet.
European leaders including French President Nicolas Sarkozy who conferred with Hu Jintao and Klaus Regling, the chief of the eurozone bail-out fund have been cajoling China for support, however the nation who was under rule of Europe until a few decades ago hasn’t yet obliterated the atrocities inflicted on her history just yet.
Sure, China is willing and able to help. Since the beginning of Europe’s sovereign debt crisis, Beijing has repeatedly expressed its wish to offer “a helping hand” to Europe. Eurozone countries, however, have to understand that they will have to save themselves, China will throw them a life saver to keep them afloat, but will not pull them out of troubled waters – this they will have to do on their own. A strong Europe is always welcomed by Beijing for geopolitical reasons. As China’s most important trade partner, a financially sound and prosperous Europe is firmly in China’s interests. Sitting as it is on US$3,200bn in foreign exchange reserves, China can help, but while it is willing to do so this will not be without conditions.