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China secretly backing euro--zone rescue: report

China secretly backing euro--zone rescue: report (by Chris Oliver)

HONG KONG (MarketWatch) -- China has pledged in secret to back a euro-zone bailout that will include investments in infrastructure and sovereign debt, the U.K.'s Sunday Times reported. The paper cited sources close to the G20 group of nations' talks in Paris which it didn't identify. In exchange for the backing, China is seeking additional commitments on budget cuts and structural reforms among member nations of the currency bloc, the report said. China had indicated its willingness to invest "tens of billions" by purchasing infrastructure assets from financially ailing states, while Chinese banks would increase purchases of sovereign debt, the report said. "China wants to be sure that Europe knows the size of the hole and that it won't get any bigger before they agree to fill it in," The Sunday Times cited one source close to the talks as saying.