China will apparently back European efforts to overhaul the global financial system and call for new international regulations in the wake of the global financial crisis, the Wall Street Journal reported. Chinese officials in closed-door talks with European leaders on Friday and Saturday in Bejing said they would support Europe’s efforts, and President Hu Jintao told European Commission President Jose Manuel Barroso that China would "actively cooperate" with the EU, according to diplomats present at the meetings. Formal talks on new reforms will begin in mid-November in Washington. Separately, central bank governor Zhou Xiaochuan said on Sunday that the credit crunch may add uncertainty to China’s economic development. He said the central bank would strengthen supervision of the credit system and work to maintain a sufficient supply of credit to the domestic market.