Zhou Xiaochuan: European debt problem can be solved after paying the price

On June 4, Zhou Xiaochuan, governor of the People's Bank of China, told the media on the sidelines of the meeting of G20 Group finance ministers and central bank governors that the European debt problem could be resolved after Europe's determination, but at a certain cost.　　Mr Zhou said the European Central Bank, the European Union and eurozone countries had made up their minds because of the widening debt problem in Europe, and he was confident that the problem could be solved after a certain price.　　But he did not point out just how big the cost was, but implied that it was not easy to reach a solution under the European economic and political system. Asked whether China's May purchasing managers ' index was affected by the European debt crisis, Mr. Zhou replied that the PMI decline had nothing to do with the European debt crisis, which was influenced by a number of factors.　　He pointed out that even if the European debt crisis would affect PMI, there would still be a series of conduction processes for reduced orders, shrinking exports and shrinking production plans. The European debt crisis has so far not had an impact on global trade, according to Arancha Gonzalez, director general of the Office of the World Trade Organisation, who told Sina Finance today. (Jessica is from Busan)