China urges eurozone cooperation to resolve crisis

(BEIJING) - China on Saturday urged eurozone countries to work together to resolve the debt crisis or all face being pulled down amid "severe economic storms", ahead of key elections in Greece and a G20 summit.

The official Xinhua news agency likened the currency bloc to a "gigantic ship," and said that its 17 members needed to act as if they were in the "same boat."

"No one can escape unscathed when the ship capsizes among severe economic storms. Countries aboard the ship should extend a helping hand to each other," it said in a commentary.

China is a major holder of European debt and Europe is its biggest export market, so Beijing has looked on with concern at the deepening eurozone crisis. China's slowing growth is in part due to Europe's debt woes.

Beijing has in the past said it is looking at ways it could contribute to bailout funds to help Europe.

Xinhua said Germany and France were "the two motors of the eurozone economy" and called on them to "strengthen bilateral cooperation and play a bigger part in handling the debt crisis.

"As to countries particularly hit hard by the crisis, such as Greece and Spain, they and their peoples should better understand the necessity of relevant painstaking measures including austerity policies, budget-deficit reduction," it said.

The Xinhua comments came a day before elections in debt-ridden Greece amid fears voters will elect anti-austerity parties who would tear up a bailout agreement, a move that could lead to the country leaving the euro.

They also came ahead of a G20 summit in Mexico on Monday and Tuesday, set to be dominated by the eurozone crisis, that will be attended by Chinese President Hu Jintao.