Beijing Confident in Euro Economy, Says Sarkozy

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And also last week, French President Nicolas Sarkozy met with Chinese leader Hu Jintao on Thursday. One item on the agenda, the European debt crisis. Beijing has been concerned about the unfolding threat to the euro and how it could affect its billions of dollars of investments in Europe.

Around a quarter of China's $3 trillion of foreign currency reserves are held in euro assets. And that's partly why China has been concerned about the European debt crisis.

But French President Nicolas Sarkozy said last week that Chinese officials remain confident in the euro and the European economy. Sarkozy had just met with Chinese leader Hu Jintao in Beijing.

[Nicolas Sarkozy, French President]: (male, French)
"I can tell you that President Hu Jintao has given a definitive declaration of his confidence in the euro zone and the euro."

Sarkozy's comments from the Great Hall of the People, which followed a meeting and dinner with Hu, differed slightly from reports in Chinese media. Local media reported that Hu told Sarkozy he hoped Europe would take measures to protect Chinese investments there.

The French president was in Beijing to shore up China's support for a French-hosted G20 summit of major world economies in October. The meeting is set to tackle economic imbalances and commodity price volatility.

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