Germany gets permission to approve 700b euro fund

The eurozone has taken a significant step to address its chronic sovereign debt crisis, with German's conditional approval Wednesday of a 700 billion euro ($901.8 billion) firewall against the debt crisis.

European experts say establishing the European Stability Mechanism can solidify Beijing's confidence in the European Union at their Sept 20 summit in Brussels. Beijing has repeatedly expressed its concerns over the EU's progress in dealing with the crisis and its impact on the global economy.