Wen: China can’t fix world economies

As Europe looks toward China as a potential buyer for its debt, Premier Wen Jiabao warned the world's financial elite on Wednesday not to count on China as a savior for the economic troubles of the entire planet.

Speaking to the opening of the China-based summer session of the World Economic Forum, held this year in Dalian, Wen said China is committed to economic stability both here and in other countries. Still, he said, western nations need to get their own economic problems stabilized, rather than simmply turning to China as a potential holder of foreign debt.

“Countries must first put their own houses in order,” said Wen. “Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe.”