Thursday‘s rescue package includes a 50-percent writedown of the Greek government debt and a significant increase of the firepower of Europe‘s bailout fund. Such measures will stimulate confidence in the short term.

But the deal is just the start of a long and difficult process to solve the crisis for good. More concerted efforts are needed.

Meanwhile, as the eurozone debt issue is set to become a central subject at the upcoming Group of 20 summit in Cannes, France, China hopes that the conference will help tackle the sprawling financial challenges, restore market confidence and boost world economic growth.