Europe urged to resolve debt crisis

BEIJING - A Chinese finance official called on Monday the European Union and the eurozone to take more resolute actions in fighting the debt crisis.

Vice Finance Minister Zhu Guangyao made the remarks at a press briefing in Beijing on the 7th leaders' summit of the Group of 20 (G20), which was scheduled to be held in Los Cabos, Mexico, next week.

The EU and the European Central Bank had made great efforts in fighting the crisis, Zhu said, noting that countries inside and outside the eurozone had provided a huge amount of funds.

Eurozone finance ministers confirmed Saturday that the single-currency area was ready to offer up to 100 billion euros ($125 billion) in a financial aid to rescue Spain's ailing banking sector.

China believed the move would have a beneficial effect on short-term risk controls, Zhu said, adding that China hoped the EU and the eurozone would reach a more decisive consensus and take more decisive actions to safeguard long-term stability in the region.

Fighting the crisis was very difficult and challenging, Zhu said, stressing that Europe and the G20 should reach a timely consensus to prevent the crisis from spreading.

China was ready to improve cooperation with Europe and the International Monetary Fund, under the framework of G20, to address the challenges, said the vice minister, noting that China believed that Europe have wisdom and capabilities to overcome the crisis.

The Chinese Foreign Ministry announced Sunday that President Hu Jintao would attend the G20 summit.