Wen: Crisis-hit EU countries must first help themselves

Chinese premier Wen Jiabao called for indebted European nations to “put their own houses in order” before soliciting Chinese financial assistance, the Financial Times reported. Speaking at the World Economic Forum in the northeastern city of Dalian on Wednesday, Wen said that “developed countries must undertake responsible fiscal and monetary policies. What is most important now is to prevent further spread of the sovereign debt crisis in Europe.” Wen also suggested that Europe needs to make certain political steps before they receive Chinese help, including granting his country full “market economy” status, which would help Chinese companies involved in trade disputes. The Financial Times reported earlier this week that Italian officials had met with managers of China’s foreign exchange reserves in a bid to convince them to invest in the ailing country’s sovereign bond market.