China has neither the intention nor the capacity to “buy Europe”, said Friday Premier Wen Jiabao in Canton before the German Chancellor, Angela Merkel, and an audience of businessmen. A development which intervened after the meeting in Beijing President Hu Jintao and Chancellor came at the same time advocate of the euro and a better market access for Chinese enterprises in his country.
But it is not accidental. The Chinese prime minister, for whom it is “urgent” to resolve the debt crisis in Europe, does anyone panic. And especially not the Germans. He knows that the purchase in late January to 500 million euros, the manufacturer of machinery for the building and public works Putzmeister, a group of iconic German model, by Sany China, has the effect of a bomb across the Rhine.
As the port of Piraeus in Greece, where the sale of 25%, two days ago, the Portuguese electricity grid REN China State Grid have reacted person, as it appears Putzmeister as a symbol of China all-powerful that nothing can stop.
In France, the chemist Arkema has finalized the acquisition of Chinese Hipro Polymers and Biomaterials ADSAB, for 270 million euros. But the EU trade commissioner, Karel De Gucht, do not prepare at least one bill intended to respond to Chinese protectionism in the public procurement sector. He accused Beijing of “business nationalists,” “strategy of massive subsidies” and “monopoly access to raw materials.”
Beijing knows, but does not enter the showdown. China, which is concerned about the crisis in the European Union, its first export market, wants more time to help the fight. It has 3.2 trillion dollars in foreign reserves, the largest in the world. And how it seeks to participate in the European Financial Stability Fund (EFSF).
The International Monetary Fund (IMF) has sought, like all the Brics (Brazil, Russia, India, China, South Africa) and it already holds, according to unofficial sources, over 500 billion European sovereign debt. It is “considering increased participation”, said before yesterday in Beijing Wen Jiabao to Angela Merkel.
The Prime Minister today that does not help China to Europe finds itself treated as a bargaining around businesses for sale. “It is a worry that does not correspond to reality,” he said.