At the moment, Europe is struggling with debt problems, and whether China should rescue Europe has become a hot topic.

The international media are fully prepared to discuss this issue and come up with a solution to find a way out for Europe.

There is overwhelming opposition in the Chinese media, fearing that China's investment will go to waste or be dragged down by Europe.

However, whether China should save Europe is a false proposition in itself, just a statement used by the media to attract attention.

China has no ability, and Europe does not expect much from China to save it.

The issue being discussed among governments is whether China should invest in European bonds, not the issue of rescue.

Since it is an investment, the purpose is of course profit return.

Given the current economic situation in Europe, it is impossible to provide high economic returns to investors.

In the new EU rescue plan, private sector investors were also forced to accept a 50% write-down on Greek government debt.

Although the European Financial Stability Facility will provide guarantees to new investors, it will only be limited to an initial 20% loss, which is far from the previous 50% write-down.

No matter how you look at it, investing in Eurobonds at this time is not a good deal.

Therefore, when Regrin, CEO of the European Financial Stability Instrument, came to China to promote the European Stability Fund, public opinion was very anxious, worried that the government would use foreign exchange reserves to purchase European bonds with low safety factor and low return rate.

But the return on investment is not limited to the economic level. The political level of return is sometimes even more attractive.

Europe's influence and voice in international affairs have not faded, and it has a larger say in many international affairs.

China knows it, and the Europeans know it even better, so neither side has said anything.

At present, there are only a handful of countries in the world that have the ability to purchase European financial stability instruments. If China is interested in investing, it can just wait for the Europeans to come to negotiate.

Once we sit down to talk, the topics may involve issues such as the arms embargo against China and market economy status.

The most valuable of these is the arms embargo against China. Europe used to shun U.S. intervention and did not discuss lifting the embargo with China.

This time Europe is mired in a debt crisis, but the United States has too much to take care of itself. Of course, there is no reason to hinder Europe from accepting Chinese investment.

What's more, this ban is a product of the Cold War, and there are many voices in the United States that support lifting the ban.

However, if Europe wants to lift the ban, it must obtain the consent of 27 member states, which is not easy.

But even if it doesn't succeed this time, reaching some kind of phased plan is worth considering.

Since you want to invest, you must have a clear investment method.

The two most discussed options currently are purchasing the newly launched European Financial Stability Instrument and investing through the IMF.

Both plans have shortcomings. Although the European Financial Stability Instrument has received an AAA rating from the rating agency, it is a new thing after all. Many details have not been disclosed, and the liquidity and safety factors have yet to be tested by the market.

If you invest through the IMF, the safety factor will naturally increase, but after all, the IMF is controlled by Europe and the United States. China has contributed the money, and the praise may go to the IMF.

Therefore, the author suggests exploring a new approach: China setting up its own European debt investment fund and deciding how to purchase European financial stability instruments and the amount through bilateral negotiations.

This can not only achieve openness and transparency, alleviate the pressure of public opinion, but also gain the initiative. Instead of letting the other party propose a plan and we decide whether to accept it, it can also ensure that the market-oriented operation of foreign exchange reserves is not interfered with.