Brussels, 06/10/2010 (Agence Europe) - Meeting in Brussels on Wednesday 6 October 2010 at the thirteenth EU-China Summit, EU and Chinese leaders did not hold a joint press conference after the summit because they ran out of time, explained an EU source. The planned joint press conference between the President of the European Council, Herman Van Rompuy, the President of the European Commission, José Manuel Barroso, and the Chinese prime minister, Wen Jiabao, had to be cancelled on Wednesday afternoon. Van Rompuy was expected to publish a written statement after dinner with Wen Jiabao.
The EU-China Summit discussed the two sides' strategic partnership, but was characterised above all by disagreements on exchange rate issues, like the over-valuation of the Chinese currency, the yuan.
Attending the EU-China economic forum with Van Rompuy and Barroso before the summit, the Chinese prime minister metaphorically stamped his feet, calling on Europe to stop applying pressure for the yuan to be revalued because any major changes to the value of the yuan would generate social tension in China. He said that he told the European leaders not to join the constant chorus of voices calling for a re-assessment of the yuan, because China was going to implement reforms but had to maintain relative stability of its currency. Wen said that any sharp increase in the value of the yuan would bankrupt a raft of Chinese companies, put people out of work and create social problems.
The Chinese prime minister asked the EU on Tuesday to address the yuan exchange rate problem objectively and honestly, explained the news agency New China, reporting that Wen had made the comments to the leaders of the eurozone, chair of Eurogroup, Jean-Claude Juncker, president of the ECB, Jean-Claude Trichet, and EU Monetary Affairs Commissioner Olli Rehn, who expressed disappointment with slow progress in revaluing the yuan. Wen promised to make efforts to increase flexibility.
Speaking at the EU-China economic forum, Van Rompuy simply commented: 'We have commonalities, but at the same time we have differences in our approach' and called on both the EU and China to overcome their disagreement to boost their strategic partnership. (E.H. trans fl)