Farsighted support

Though a report that China is willing to invest heavily in Portuguese bonds has helped the euro rise to the day's high versus the dollar on Wednesday, skepticism immediately expressed in some European media shows that China's long-term support for a strong Europe still does not sell well.

It may be reasonable for some European observers to argue that the Chinese buying only helps ease Europe's sovereign-debt problems in the short run.

But it is going too far to suggest that such a goodwill move thus mounts an obstacle that prevents a long-term solution to the debt crisis.

With the 27-member European Union being its biggest trade partner, China has more than ample reason to strengthen cooperation to promote strong, sustainable and all-around growth for the economies of China and the EU, and even the global economy.

This year has indeed been tough for the EU, which is mired in an evolving sovereign debt crisis while struggling to emerge from the global financial crisis.

Chinese policymakers have not only been very concerned about whether the European debt crisis can be controlled but also repeatedly stressed their support for Europe to get through its debt and deficit problems.

In October, Premier Wen Jiabao offered to buy Greek bonds during his visit to Greece.

A month later, President Hu Jintao visited Portugal and vowed help for this teetering European economy.

On Tuesday, Vice-Premier Wang Qishan told visiting EU officials in Beijing that the country supported efforts by the EU and the International Monetary Fund to calm global markets in the wake of Europe's debt crisis and had taken "concrete actions" to help some European countries.

For the moment, all these Chinese efforts will, to a certain extent, help guard bonds issued by some weak European economies from the vicious cycle of rising yields and deteriorating fiscal fundamentals.

Meanwhile, it is also more than obvious that such Chinese direct investment in the European economies aims to serve the fundamental long-term interests of China and the EU.

If the EU is able to control sovereign debt risks and translate consensus into real action to lift Europe out of the financial crisis soon and into good shape, China will have much more to gain from the sustainable recovery of the top destination for Chinese exports.

Just look at how well bilateral trade has fared even in face of all the economic difficulties. Statistics showed that China-EU trade increased 33.1 percent year-on-year in the first 11 months to $434 billion. It is well anticipated that such robust trade growth will continue to serve the interests of both sides in coming years.

Admittedly, officials in Brussels have made clear that they "welcome the support" offered by China. But some people insist on interpreting China's move as only a self-interested bid to expand its influence in Europe by capitalizing on the crisis.

Those who believe in the win-win prospect of stronger China-EU economic ties need to speak out to help long-term thinking prevail over myopic skepticism.