Ministry of Foreign Affairs spokesperson Liu Weimin says China welcomes the crisis tackling proposals put forward in European Union (EU)'s summit held on December 9.

Liu said, "We hope the measures will help to stabilize the market, boost confidence and curb the expansion and worsening of the debt crisis."

At the summit in Brussels, EU leaders agreed on establishing a new "fiscal compact" based on the inter-governmental treaty.

Under the fiscal compact, member states will have to submit their draft budgetary plans to the European Commission, the EU's executive arm.

Liu says as world's largest economy, the stable and healthy growth of the European Union and the Eurozone will be crucial to maintaining the momentum of recovery in the world economy.

He also says China will continue its support for EU integration, and back the EU's efforts in combating the debt crisis.

(CRIENGLISH.com December 12, 2011)