Zhou's comments came a day after Premier Wen Jiabao said the nation is willing to get “more deeply” involved in resolving Europe's debt crisis, although the continent must send a clearer message to show how it's working to strengthen its finances.

“China's willingness to support Europe to cope with sovereign debt problems is sincere and firm,” Wen said at a joint press conference yesterday in Beijing with European Union President Herman Van Rompuy. “China is ready to get more deeply involved in participating in solving the European debt issue.”

Van Rompuy said he welcomed the interest China has shown in investing in European sovereign bonds and the region's rescue fund. Meantime, back in Europe finance ministers are slated today for a teleconference call to prod Greece to do more to qualify for another bailout.

“We expect those highly indebted countries to strengthen fiscal consolidation, cut deficits and reduce debt risks in light of their national conditions,” Wen said. “We hope the EU will soon reach internal consensus, make the political decision and send to the international community a clearer and a stronger message of policy responses.”

Eoin Treacy's view European creditor nations have been slow to sign off on the next €130 billion loan to Greece because they are worried about Greek commitments to implement the agreed reforms. With an election so soon after the next major repayment date, this issue is unlikely to evaporate regardless of commitments by the Greek opposition that they will stand firm to austerity goals. To mitigate their exposure to peripheral bailouts, core Eurozone countries have been shopping for external investors to help shoulder the burden. China has been slow to act but that attitude appears to be softening and this can be viewed as a positive development.