China has promised to take further “concerted action” to support European financial stabilisation, including continuing to buy the bonds of countries at the centre of the sovereign debt crisis, according to senior European officials.
What we have here is a developing country (according to its own definition) governed by a communist party elite in reality bailing out the EU, the international "success story", that for "over half a century has brought political stability and economic prosperity to its citizens" and is "the world’s biggest donor of development aid to poorer countries".
Sic transit gloria mundi!
Here is how China defines itself, according to the editor of the China Daily newspaper:
Despite its overtaking Japan in second quarter economic output, the basic fact that China is still in the primary stage of socialism determines that the country will still be a developing nation for a long period in the future.
And here is how the European Union defines itself, according to its official website:
The European Union – a success storyThe European Union needs no introduction. Over half a century, it has brought political stability and economic prosperity to its citizens. It has created a frontier-free single market and a single currency, the euro. It has reunited a fractured continent. The European Union is a major economic and commercial power and the world’s biggest donor of development aid to poorer countries. Its membership has grown from six to 27 nations, bringing the EU’s population to nearly half a billion.