September 29, 2011 / 8:50 AM / 6 years ago

China needs clarity before helping euro zone-CIC chair

LONDON, Sept 29 (Reuters) - China cannot give financial assistance to the heavily indebted euro zone countries without seeing a clear picture of solutions to sovereign debt problems, chairman of the country’s sovereign wealth fund said on Thursday.

Jin Liqun, chairman of the board of supervisors at China Investment Corporation, also urged Europe to recognise China’s market status.

“We in China are concerned about the unravelling of the situation in the (euro zone) region,” Jin told a conference in London.

“China cannot (give support) without due diligence. China cannot be expected to buy high risk euro zone (instruments) without a clear picture of debt workout programmes.”

Jin, who was also former vice finance minister of China, said keeping investment and trade flows open was essential for Europe, adding that he was optimistic about Europe’s outlook.

“EU countries still enjoy competitive advantage in number of areas such as science and technology, manufacturing and luxury products... Over time, economies in the EU will be out of woods. We’re optimistic for the outlook.”

CIC manages assets worth around $230 billion. (Reporting by Natsuko Waki; Editing by Toby Chopra)

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