Does China Really Support the EU Bailout?

China (NYSE:FXI) continues to balk at requests to contribute financial firepower to the EU bailout. President Hu Jintao told reporters Monday his country is closely following developments in Europe.

Beijing so far has promised to help only by continuing business as usual. That means trading with Europe and stockpiling some of China’s multibillion-dollar trade surpluses in European government bonds. Hu suggested Monday that China remained content to let the European Union leaders work on a solution. He stated a path to a global upswing requires greater cooperation among the world’s leading economies.

President Hu Jintao and French President Nicolas Sarkozy talked Thursday by phone and “pledged to cooperate to revive global growth, while the chief executive of the EU’s bailout fund visited Beijing on Friday to talk to potential investors,” according to Yahoo Finance.

Sounds like it’s all rhetoric for now.