According to the IMF, China was the biggest contributor to global growth last year. Wen’s speech comes as global markets have been rocked this week by renewed fears that Greece, which was recently given the green light for a second bailout, will default on its debt obligations. Portugal and Ireland have also received rescue packages while analysts have warned that Italy and Spain could follow suit, leading to warnings that the crisis could spread to other major economies. The Chinese premier said his country, which has the world's second biggest economy, will continue to increase its investment in the eurozone, a day after reports -- denied by Rome -- that Italy had asked Beijing to buy its bonds. China is sitting on more than $3 trillion in foreign currency reserves and has already committed to investing in Greece, Spain and Portugal. The comments come as the emerging economies of Brazil, Russia, India, China and South Africa are preparing to meet next week to discuss possible aid to the eurozone as it confronts a worsening debt crisis.
Record imports and a rebound in lending signalled strength in demand in China that offers a bright spot in a global economy contending with Europe's debt crisis and weakening US job gains. The data may bolster confidence that the world's second-largest economy is weathering Premier Wen Jiabao's campaign to defuse price pressures and financial turmoil abroad. G7 finance chiefs vowed ''a concerted effort'' to support expansion as Europe's debt woes and zero jobs growth in the US increase the risks of a renewed recession. According to forecasts, China may expand more than five times faster than the US and the euro zone this year.
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