China Voices Support for EU

Before you go, we thought you'd like these...
Before you go close icon

At least one leader of a major nation is confident the financial and economic problems of Europe will be solved. China's Premier Wen Jiabao said he thinks the region will pull through. He admitted at the same time that troubles in Europe have become a large drag on the global economy. According to Reuters, Wen said he is confident the crisis-stricken eurozone can survive its nagging debt crisis.

Wen almost has to make optimistic statements, unless he wants to admit that China will be sucked more rapidly in the direction of recession. Chinese leaders have been accused of embellishing the good prospects of their national economy. Some analysts who follow the People's Republic claim that its GDP growth is much slower than reported. Part of the proof of this is the accumulation of inventory that is supposed to have been shipping overseas. The New York Times recently carried a report that some of this inventory has accumulated in Chinese warehouses and on ships.

Douglas A. McIntyre


Filed under: 24/7 Wall St. Wire, China, International Markets
Read Full Story

Markets

S&P 500 2,368.06 6.93 0.29%
DJIA 20,728.49 69.17 0.33%
NASDAQ 5,914.34 16.80 0.28%
DAX 12,256.43 53.43 0.44%
NIKKEI 225 19,178.44 115.22 0.60%
HANG SENG 24,301.09 0.00 0.00%
USD (per EUR) 1.07 0.00 -0.04%
USD (per CHF) 1.00 0.00 0.06%
JPY (per USD) 112.07 0.29 0.26%
GBP (per USD) 1.25 0.00 0.06%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Driver Sees Something Move On The Side Of The Road - When He Pulls Over He Can't Believe Driver Sees Something Move On The Side Of The Road - When He Pulls Over He Can't Believe
Man Built This Contraption In His Backyard - And Even He Was Surprised How Well It Worked Man Built This Contraption In His Backyard - And Even He Was Surprised How Well It Worked
The Haunting Face of a Man Who Lived 700 Years Ago The Haunting Face of a Man Who Lived 700 Years Ago