China sees silver lining in debt crisis

Greece's debt crisis offers a good opportunity for Chinese companies to invest in the country as its privatises assets, the Chinese ambassador said yesterday. An emergency summit of Eurozone leaders on Thursday agreed on a second bailout for debt-laden Greece, which includes a requirement for the country to sell €50 billion euros (Dh263.6 billion) of companies and other assets by 2015. Luo Linquan told China's official Xinhua news agency yesterday that the effect of the debt crisis on trade between China and Greece will be limited and Chinese companies should look for ways to benefit. "Greece needs structural reforms and privatisation reforms. Some transport, new energy, power, water and other basic facilities will gradually be opened to tender by foreign companies," he added. Article continues below "These are projects that Chinese companies are quite good at," he said. Many bankers in Europe fear Greece's privatisation schedule, which is due to start with the sale of Europe's biggest betting company OPAP, is too ambitious and likely to be hampered by bureaucracy. Luo said that while Greece faced many difficulties, "Eurozone countries will not sit by and watch Greece's debt crisis worsen or spread". China has repeatedly said it has confidence in the euro and in Europe's ability to deal with the crisis. China's Central Bank Governor Zhou Xiaochuan said China welcomed the second rescue package for Greece and would always be confident of the Eurozone.