January 7, 2011
China has been increasing its holdings of European Union countries' debt, including Spanish government debt, since the outbreak of the European sovereign debt crisis, Chinese Vice Commerce Minister Gao Hucheng said in a statement.
China's latest comments of reassurance for Spain and other European countries amid the euro-zone crisis come as political and corporate leaders increasingly see China as a source of capital. China's foreign-exchange reserves are by far the world's largest, totaling $2.648 trillion at the end of September.
China maintains confidence in European and Spanish financial markets and believes they will overcome the current crisis, Mr. Gao said in the statement on the Ministry of Commerce's website Thursday.
"We will continue to buy debt and work together with Spain," said Mr. Gao, who is accompanying Chinese Vice Premier Li Keqiang on a visit to Spain and other European countries.
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