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Sarkozy, China’s Hu Agreed to Cooperate ‘Closely’

Oct. 27 (Bloomberg) -- French President Nicolas Sarkozy spoke with Chinese President Hu Jintao over the telephone today, and the two agreed to “cooperate closely” to ensure global growth and stability, Sarkozy’s office said in a statement.

The two men discussed the decisions of the European Union summit and also the Group of 20 meeting in Cannes on Nov. 3 and 4, the statement said.

Sarkozy had said he planned to call Hu to discuss a possible contribution by China to Europe’s efforts to resolve the region’s debt crisis.

The European Financial Stability Facility will be worth about $1.4 trillion after European leaders agreed to leverage existing guarantees by as much as five times, Sarkozy said at briefing in Brussels at 4 a.m. local time.

Chinese support would be welcome, he said. Jiang Yu, China’s foreign ministry spokeswoman, said Beijing is ready to work with Europe to stabilize markets.

Link to Company News:{4105317Z LX <Equity> CN <GO>}

To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net

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