China says that it stands ready to assist Europe in combating its crippling debt crisis and that the region remains a major market for investment of China's foreign exchange reserves.

Foreign Ministry spokeswoman Jiang Yu said Thursday that China supports measures by the European Union and the International Monetary Fund to stabilize the region's finances.

China has supported highly indebted European countries, offering in October to buy Greece's debt. Last week, Portugal said China had pledged increased support for its efforts to climb out of a financial crisis, reportedly promising to buy $4 billion in Portuguese government debt.

Several countries in the EU's so-called periphery have been struggling with high debt loads.