China backs Europe's efforts to address debt crisis

BEIJING - A Foreign Ministry spokesman said Thursday that China will continue to support Europe's endeavors to stabilize its economy and will help to resolve the eurozone crisis through multiple channels.

"Some progress has been made recently regarding the European debt crisis," Hong Lei said at a daily press conference when asked to comment on a Wednesday decision by Germany's Federal Constitutional Court to establish the European Stability Mechanism (ESM).

The approval of the ESM has paved the way for a permanent bailout fund and other economic instruments to go into operation to fight the crisis.

China has paid close attention to the crisis, Hong said, adding that the European debt crisis affects not only Europe, but also has an influence on China and the world at large.

China has always backed efforts made by the EU to handle the crisis and has provided assistance within its capacity by increasing imports and expanding investment, Hong said.