Directly from the horse's mouth, China Daily. I read this site daily and encourage anyone who wants to know where the world is headed to do the same.
Dear Sirs / Madams:
I know you are in trouble and want China to help. I have heard your repeated calls in the media for our leaders to bail you out by buying the debt of European governments. I want to assure you your entreaties have not been in vain.
Last week our premier pledged that China will "get more deeply involved" in resolving your debt crisis. Our central bank governor tried to buoy up market confidence in the euro by vowing to continue holding your sovereign debts. Such comments came even as the international rating agencies - Moody's, Standard & Poor's and Fitch Ratings - cut their ratings for your nations because of the weakening prospects for an overhaul in Europe.
We want you to know that we are your friend in your time of need.
In fact, the ever-expanding trade ties between China and the European Union have brought us closer together. China is now the EU's top trade partner, and vice versa. So a collapse of the eurozone would also hurt China's interests. The International Monetary Fund has warned that a deepening EU debt crisis could slash China's economic growth in half this year. So we are both in the same boat.
But that does not mean you should take China's help lightly.
Yes, China has the money. Its stockpile of foreign currency, valued at nearly $3.2 trillion, is the world's largest. Yet this has been amassed over three decades of trade and built up from razor-thin profits. We are at the low end of the global value chain and we have to sweat and toil for every penny we earn. China has to export more than 800 million shirts to buy one Airbus A380.
To be frank, some of us don't understand why the rich are holding out their hands to the poor and asking for money. For common Chinese people, the wealth of your nations is unimaginable. The average monthly income of your citizens - at around $4,000 in countries such as Germany and Belgium - is 12 times that of the average Chinese citizen. The Chinese workers in the factories in coastal cities have to work 12 hours or longer each day with basically no days off, while workers in France enjoy two months of paid vacation, national holidays and regional festivals each year. If we can save 50 percent of our earnings, surely it should be possible for you to save just 1 percent of yours.