China's top official newspaper, the People's Daily, says the debt crisis across the Euro zone will have a far-reaching impact on China's real economy, mainly by sapping demand for exports. But it goes on to say, holdings of euro assets will limit any damage to foreign exchange reserves, as China holds a relatively small amount of euro assets.

The article says the euro zone's problems reflected deep-seated institutional failings that need to be overcome, in a bid to recover confidence and strong growth.

It recommends the euro zone reform institutional constraints to economic development, and shows a responsible attitude regarding the links between their countries' and their region's economic development, and global economic stability.