China 'ready to work' with new French president

China said Monday it was ready to work with France after the election of Socialist Francois Hollande as president, amid concerns his victory could derail Paris's deficit-cutting plan.

The 57-year-old Socialist won power Sunday in a close race against incumbent right-winger Nicolas Sarkozy, triggering joyful street parties, and now faces the immediate challenge of dealing with Europe's debt crisis.

Foreign ministry spokesman Hong Lei said China's President Hu Jintao had sent a message of congratulation to Hollande, who has vowed to slow the pace of Sarkozy's public spending cuts.

"China is ready to work together with the French side... to deal with bilateral relations from a strategic and long term perspective," Hong told journalists at a regular briefing.

"China believes that maintaining a positive momentum of the healthy and steady development of China-France relations not only serves the fundamental interests of the two countries and two peoples, but also world peace, stability and development."

Asian markets and the euro slumped on Monday amid concerns that victories for Hollande in France and for opposition parties in Greece marked a backlash against austerity measures designed to contain the eurozone crisis.

Both Japan and China hold huge amounts of euro-denominated debt and Tokyo has said it will monitor Hollande's economic policies closely.

Europe is China's top export market, and the current eurozone crisis -- which has seen a wave of credit-rating downgrades and brought Greece to the brink of default -- has caused major concern in Beijing.

China's state-run Global Times newspaper said in an editorial Monday that the election was "not likely to bring change".

"An administration change cannot generate the strong will needed to kickstart public debt reform in France. The change has to come from reflection of a wider scope," it said.

"But protests against austerity measures from Greece to France have suggested that this much-needed reflection is far from coming. Statesmen are busy pleasing voters, not leading reflection."

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • 15 wounded in attack on Philippine mosque
    15 wounded in attack on Philippine mosque

    Fifteen people including 10 police officers were wounded in an attack on a mosque on a remote Philippine island long plagued by Islamic militancy, officials said on Saturday. Successive blasts targeted a mosque on the island of Jolo -- an initial grenade attack followed by a bomb explosion that was intended to target police who rushed to the scene, local authorities said. "It seems the (first) explosion was set up to draw responders as the target," the provincial police chief Senior …

  • US missile cruiser docks at Subic
    US missile cruiser docks at Subic

    A US Navy missile cruiser has dropped anchor in Subic Bay as part of “routine port call,” amid rising tension in the West Philippine Sea stirred by China’s island building activities and other threatening moves by its forces. The arrival of the Ticonderoga-class missile cruiser USS Shiloh (CG-67) at the Subic Bay Freeport in Olongapo City yesterday was “just a routine port visit for ship replenishment and routine maintenance of shipboard system,” said Philippine Navy Public Affairs Office …

  • Agri, power sectors should brace for El Niño
    Agri, power sectors should brace for El Niño

    The agriculture and power sectors, as well as the general public should brace for a prolonged El Niño phenomenon that could further reduce water supply for electricity and irrigation, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) warned yesterday. Flaviana Hilario, acting deputy administrator for research and development of PAGASA, said the El Niño condition is expected to intensify from weak to moderate by August this year. Anthony Lucero, …

  • China to US: Help cool down Phl on sea row
    China to US: Help cool down Phl on sea row

    The US should help “cool down” the Philippines and realize that its meddling in the West Philippine Sea (South China Sea) dispute would only stir tensions, a Chinese newspaper reported. “Washington should know its meddling in the South China Sea has been destabilizing the region. The US has vowed not to take sides in the territorial dispute, which involves China, the Philippines, Vietnam, Malaysia, Brunei and Taiwan. …

  • No stopping K to 12 despite SC case, protests
    No stopping K to 12 despite SC case, protests

    K to 12 is the fruit of years of comprehensive consultations involving different sectors in education,” Aquino said during the launching of the program at the Philippine International Convention Center (PICC) in Pasay City. Organized by the Department of Education (DepEd), the launch was attended by teachers, students and representatives from different stakeholders supportive of the K to 12 program. It was held two years after the signing of Republic Act 10533, or the Enhanced Basic Education …

  • MNLF pushes review of peace pact with gov’t
    MNLF pushes review of peace pact with gov’t

    The Moro National Liberation Front (MNLF) maintained its bid for completion of the tripartite review of the implementation of the peace agreement with the Philippine government in 1996. The MNLF’s desire to put consensual closure to the tripartite effort was relayed by its leaders to Sayed El-Masry, the special envoy of the Organization of Islamic Cooperation (OIC), during the annual foreign ministers conference in Kuwait last Thursday. The MNLF peace agreement with the government in Sept. 2, …

  • Noy to raise sea dispute issue with Abe
    Noy to raise sea dispute issue with Abe

    President Aquino is expected to raise the West Philippine Sea dispute during his meeting with Japanese Prime Minister Shinzo Abe in Japan next week. However, there is no word yet if the Philippines will specifically ask Tokyo to join calls for China to stop its massive reclamation activities in disputed waters. Aquino will leave for Tokyo on June 2 for a state visit until June 5. …

  • CHED releases wrong data on tuition hike
    CHED releases wrong data on tuition hike

    The Commission on Higher Education (CHED) appears to have released erroneous data on the allowed tuition and other fee increases in Metro Manila for the incoming academic year. On the list of the 51 approved higher education institutions (HEI) allowed to impose hikes, CHED pegged the average increase in tuition at P32.34 per unit and the average increase in other fees at P34.79. However, a Philippine STAR re-computation showed that the actual average approved tuition increases in Metro Manila …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options