China welcomes EU's bailout deal to battle debt crisis

China welcomes the bailout deal reached by eurozone leaders on Thursday to battle the region's debt crisis, Foreign Ministry spokeswoman Jiang Yu said at a daily news briefing. European leaders agreed early Thursday that private creditors have to accept a 50-percent cut in the value of the Greek government debt they hold, stating that the region's bailout fund will be increased to 1 trillion euros (1.37 trillion U.S. dollars). "We hope the bailout deal will be conducive to bolstering market confidence, promoting the sustainable economic development of the eurozone and the process of European integration," Jiang said. China is ready to work with the international community to safeguard the stability of the international financial market and contribute to global economic recovery and growth, Jiang said. China is willing to enhance cooperation with the European Union and expand cooperation in the areas of trade, investment, technology and finance, she added. Regarding the postponed China-EU summit, Jiang said China understands the EU's request to delay the meeting, stating that the two sides will maintain communication and set another date for the summit. She also confirmed that President Hu Jintao and his French counterpart Nicolas Sarkozy had a telephone conversation Thursday afternoon, exchanging views on the current international economic situation and the upcoming Group of 20 Summit in Paris.