China’s sovereign wealth fund won’t invest in Europe till it has a plan, reforms
PARIS — China’s sovereign wealth fund will be willing to invest in Europe once the continent presents a clear solution to its debt crisis, reforms its welfare system and invests money in itself, an official said Monday.
“What you need to do, you do, and then I think we should come in,” he said.
He cautioned against looking to the CIC to solve Europe’s problems, noting that the fund’s resources pale in comparison to the continent’s. The CIC has about $100 billion at its disposal to spend abroad, he said.
“I hate to use the word, ‘rescue,’ ‘salvage,’” he said. “Eurozone is one of the few political and economic establishments which are expecting charity from China and emerging markets. We respect you, please respect yourself.”
Jin was unusually candid about what ails Europe and urged leaders to have the “guts” to make significant reforms — as Asian leaders did when faced with their crisis in the late 1990s.
“The root cause of the trouble is the overburdened welfare ... the sloth-inducing, indolence-inducing labor laws,” he said. “People need to work harder. They need to work longer.”
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