China's New Marshall Plan

China's visiting vice premier said his country would buy $7.9 billion in Spanish bonds. El País newspaper dubbed Li Keqiang the new 'Mr. Marshall', alluding to America's Marshall Plan.

Chinese Vice Premier Li Keqiang, who is visiting Spain, told host Prime Minister José Luis Rodríguez Zapatero that his country was willing to buy 6 billion euros—$7.9 billion—in Spanish bonds, El País reported Thursday. Citing government sources, the paper reported that Mr. Li said "China is willing to buy as much Spanish bonds as Greek and Portuguese combined, that is, around 6 billion euros." The Chinese financial support is so welcome that El País referred to Mr. Li as a new "Mr. Marshall"—a reference to the Marshall Plan that boosted a Europe devastated by World War II.

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