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1、European Sovereign Debt Crisisand ChinaLiu PengfeiNov 30th,2011n nWhat is the European Sovereign Debt Crisis（ESDC）?n nWhat are the influences of the ESDC on China?n nWhat is the attitude of China?n nWhat is the attitude of the United States?n nWhat part should China play in European Sovereign Debt C
2、risis?1、Whats European Sovereign Debt Crisis?（the definitions of 2 terms)the definitions of 2 terms)n nA sovereign defaultA sovereign default is the failure or refusal of the is the failure or refusal of the government of a sovereign state to pay back its debt in government of a sovereign state to p
3、ay back its debt in full.It may be accompanied by a formal declaration of a full.It may be accompanied by a formal declaration of a government not to pay government not to pay,or only partially pay its debts.or only partially pay its debts.n nIf potential lenders or bond purchasers begin to suspect
4、If potential lenders or bond purchasers begin to suspect that a government may fail to pay back its debt,they that a government may fail to pay back its debt,they may demand a high interest rate in compensation for may demand a high interest rate in compensation for the risk of default.A dramatic ri
5、se in the interest rate the risk of default.A dramatic rise in the interest rate faced by a government due to fear that it will fail to faced by a government due to fear that it will fail to honor its debt is sometimes called honor its debt is sometimes called a sovereign debt a sovereign debt crisi
6、scrisis.1、Whats European Sovereign Debt Crisis?(the progress of the Crisis)(the progress of the Crisis)n nFrom late 2009From late 2009,fears of a sovereign debt crisis,fears of a sovereign debt crisis developed among investors concerning some European developed among investors concerning some Europe
7、an states,intensifying in early 2010 and thereafter.states,intensifying in early 2010 and thereafter.n nConcern about rising government debt levels across the Concern about rising government debt levels across the globe together with a wave of downgrading of globe together with a wave of downgrading
8、 of European government debt created alarm in financial European government debt created alarm in financial markets.markets.On 9 May 2010On 9 May 2010,Europes Finance Ministers,Europes Finance Ministers approved a rescue package worth 750 billion aimed at approved a rescue package worth 750 billion
9、aimed at ensuring financial stability across Europe by creating ensuring financial stability across Europe by creating the European Financial Stability Facility(EFSF).the European Financial Stability Facility(EFSF).n nIn October 2011In October 2011,eurozoneeurozone leaders meeting in leaders meeting
10、 in Brussels agreed on a package of measures designed Brussels agreed on a package of measures designed to prevent the collapse of member economies due to prevent the collapse of member economies due to their spiraling debt.This included a proposal to to their spiraling debt.This included a proposal
11、 to write off 50%of Greek debt owed to private write off 50%of Greek debt owed to private creditors,increasing the EFSF to about 1 trillion creditors,increasing the EFSF to about 1 trillion and requiring European banks to achieve 9%and requiring European banks to achieve 9%capitalization.capitalizat
12、ion.2、What are the influences of the ESDC on China?(disadvantages and advantages)(disadvantages and advantages)n nOver Chinas foreign traden nMore money will leave Chinan nImprove Chinas structural transformationn nEuropean overseas capital investment return n nReconsider the local debt of China3、Wh
13、at is the attitude of China?n nG20 summit 2011 was held in Nov 3rd-4thn nOct 28th,Chinas vice foreign minister Fu Ying attended a Briefing.http:/ EU to recognize Chinas Market Economy Country Status and loosen the high-tech products export to China?n nNov 1st,China launched theTiangong-1 successfull
14、y.n nNov 3rd,Tiangong-1 docked with Shenzhou-8 successfully,which marks China has become the third country having the docking technology.Does China want to demonstrate that it has became a Big Power?4、What is the attitude of the United States?n nOct 28th,President Obama published an article in the F
15、iancial Times,which set the tone of the United States to G20 Summit and ESDC.The United States is still the leader of the world.President Hu ignores Sarkozy,over which Obama has a good gloat.5、What part should China play in European debt crisis?n nFirst,China should buy more bonds from multilateral
16、institutions to reduce the risk.n nSecond,China should encourage domestic enterprises to expand in Europe,carry out business cooperation with European companies or invest more in the infrastructures of some European countries.n nThird，“冷静观察、沉着应付、稳住阵脚、韬光养晦、有所作为”.(“Coolly observe,calmly deal with.(“Coolly observe,calmly deal with things,hold your position,hide your capacities,bide your time,things,hold your position,hide your capacities,bide your time,accomplish things where possible.”)accomplish things where possible.”)Thank you very much