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The European debt crisis is a significant challenge for China. There's the risk for Beijing's export-dependent economy and the threat to China's attempt to achieve a successful diversification of its currency reserves. But perhaps the most important problem is that a potential disintegration of the European common currency area might have dramatic consequences on the world order and affect the principle of multilateralism advocated by the Chinese leadership in international affairs. The degree of China's interference in the European debt crisis has been subject to intense academic debate domestically. But Beijing finally decided to intervene. Its pace has been careful and cautious. Its policy is based on the logic of assisting but not saving Europe. Within this context, the economic interaction between both sides has entered a new phase,
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niketruerains, it is still too early to discuss hegemonic aspirations on the part of Beijing. Although the world seems to be heading toward a multipolar or apolar order,
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