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Xinhua reported the interest new. China has again shown itself to be a rainy day friend to the European Union (EU) in the face of the sovereign debt crisis besetting some EU members.

During his ongoing visit to Europe, Chinese Premier Wen Jiabao said on June 25 that China would buy some of Hungary’s sovereign debt and provide a special loan of one billion euros (about 1.44 billion U.S. dollars) to support joint ventures between enterprises from the two countries.

The move has renewed China’s promise to support the debt-ridden EU members, though uncertainties are still haunting the European economy.

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