Japan and China ready to help eurozone via IMF

Japan and China ready to help eurozone via IMF

Japan and China have confirmed that it is ready to help the struggling eurozone solve its sovereign debt crisis via global lender IMF the 17-nation bloc will have to do more.

Japanese Finance Minister Jun Azumi yesterday held a meeting with China’s vice premier, Wang Qishan, in Beijing, where they confirmed that they would jointly respond to the IMF’s call for increasing lending by $600 billion to offset the effects of the eurozone’s debt crisis.

When asked about their stance on eurozone’s debt crisis, Mr. Azumi said, “We agreed that Japan and China will coordinate closely and will jointly respond to the IMF. European countries need to do more, although the situation, including with Greece, is headed in a good direction.”

Earlier in February, Chinese Prime Minister Wen Jiabao announced that China was mulling over plans to increase its role in providing funds for Eurozone, but added that they were still deciding what should be the form of financial assistance.

The United States has already declared that it would not offer any additional financial support to the IMF.

Trade ties between Japan and China are gradually improving, despite strained political relations between the two due to a territorial dispute over gas-rich islands in East China Sea both countries claim.

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