Merkel seeks to strengthen ties with China

German Chancellor Angela Merkel will work to restore trust in a struggling euro zone during her trip to China, which begins in Beijing on Thursday, The Wall Street Journal reported. Merkel will explain the outcome of Monday’s EU summit, which aimed to resolve the European debt crisis by establishing a EUR500 billion (US$657 billion) permanent bailout fund. “The Chinese side will of course be interested in the results of the summit,” said a senior German official. “The chancellor will lobby for trust in Europe; she will also meet financial investors.” The chancellor will met with Chinese premier Wen Jiabao and will also address the EU’s oil embargo on Iran, pressing China to “by no means raises these imports, and it would of course be nice if China joined the embargo or cut its deliveries.” Merkel will also address the gradual appreciation of the renminbi in a speech on Thursday.