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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap China vows to help Europe beat debt crisis AFP - Thursday, January 6 Send IM Story Print MADRID (AFP) - – Chinese Vice Premier Li Keqiang backed Europe in its sovereign debt battle on Wednesday, starting a three-nation tour by promising to buy Spanish bonds and by signing multi-billion-euro contracts. Li, widely tipped to be the next premier, delivered a significant vote of confidence given China's world record foreign reserves of 2.648 trillion dollars (2.0 trillion euros), much of it in euros. On his visit to Spain, Germany and Britain he is supporting Europe's recovery efforts and seeking to soothe global market fears of a debt quagmire spreading from Greece and Ireland to Portugal and even Spain. "China's support of the EU's financial stabilisation measures and its help to certain countries in coping with the sovereign debt crisis are all conducive to promoting full economic recovery and steady growth," Li said in an opinion piece published in the German daily Sueddeutsche Zeitung on Wednesday. Related article: China's move is not cure for crisis: experts Li opened his tour on Tuesday by promising to buy more Spanish debt when he met with Finance Minister Elena Salgado. "We believe Spain, with its government and people working together, will surely overcome current economic and fiscal difficulties," Li was quoted as saying by China's official Xinhua news agency. China had even increased its buying activity amid European debt concerns, Li reportedly said. "We will buy more depending on market conditions," he promised. Later, in a meeting on Wednesday with Prime Minister Jose Luis Rodriguez Zapatero, he "expressed China's confidence in the Spanish economy, as shown by the country's investment in Spanish public debt," said a communique from the Spanish premier's office. Spain's central and regional governments and its banks need to raise about 290 billion euros in gross debt in 2011, including rolling over existing bonds that expire. That opens the risk of "funding stress" as rising rates make it increasingly expensive for the state to raise money, Moody's Investors Service warned last month. Any EU or international bailout for Spain would be far bigger than anything seen to date in Europe -- its economy is twice that of Greece, Ireland and Portugal combined. China's help could be important. "I think it's very significant for Europe, not just for Spain. I think it puts in a very important signal in the financial markets as well," Beat Lenherr, chief global strategist at LGT Capital Management, told CNBC television. China and Spain were signing 7.5 billion dollars' (5.7 billion euros') worth of governmental and commercial contracts, Li told a breakfast meeting Wednesday of Chinese and Spanish business leaders, according to Xinhua. The Spanish prime minister's office said the two men signed 15 private and state contracts after their talks but did not provide an estimate of their value. According to the Spanish daily El Mundo, the commercial deals were worth one billion euros (1.3 billion dollars). The Spanish government has slashed spending and says it is on track to meet its promise to lower the public deficit from 11.1 percent of annual output in 2009 to the European Union limit of 3.0 percent by 2013. The economy, the EU's fifth biggest, slumped into recession during the second half of 2008 as the global financial meltdown compounded the collapse of the once-booming property market. It emerged with tepid growth of just 0.1 percent in the first quarter of 2010 and 0.2 percent in the second but then stalled with zero growth in the third. 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