The decision by European leaders to solicit help from China to underpin new plans to save the euro and the world from recession raised political hackles Thursday.

French President Nicolas Sarkozy held telephone talks with Chinese counterpart Hu Jintao just as the chief of the European rescue fund was flying to Beijing for key talks on a bid to raise the eurozone's fund into a trillion-euro warchest ($1.4 trillion).

Hu told Sarkozy that he hoped a deal struck at a eurozone summit in the early hours of Thursday would stabilise financial markets.

But as markets soared on news of a new plan in Brussels, the leader of the Greens in the European Parliament said the EU had gone "hand over fist" to China.

Daniel Cohn-Bendit termed "dangerous" and "an aberration" the appeal for investment from the dollar-rich post-Communist giant already viewed with suspicion after planting deep financial roots across Africa and South America.

He said "social and environmental" damage would ensue, saying: "Do you think the Chinese will give you money just because you are nice?"

The disquiet echoes unease when China made deals to invest in Greek ports in the early part of the nearly two-year-old debt crisis.

The Socialist candidate running for the French presidency next year, Francois Hollande, also weighed in asking if China was really "riding to the rescue of the euro... without making any demands in return?"

Sarkozy countered the criticism in a televised interview late on Thursday, saying there was no reason to refuse Chinese help.

"If the Chinese, who have 60 percent of global reserves, decide to invest in the euro instead of the dollar, why refuse?" he said, adding that "our independence will in no way be put into question by this."

Beijing has yet to confirm publicly its intentions, although two senior EU diplomats told AFP that "China is in."

Chinese foreign ministry spokeswoman Jiang Yu said of the new eurozone deal: "We believe it is conducive to lifting market confidence, promoting the sustainable economic development of the EU and the eurozone and injecting new vitality into European integration."

"As an important strategic partner of the EU, China has faith in the EU and the eurozone economy."

Brazil and Russia have also indicated readiness to invest, as the eurozone tries to convince markets it can boost 440 billion euros of government guarantees to protect hugely-indebted nations such as Italy.

China, the world's second-largest economy, has already invested half a billion euros in European government bonds and its primer for a spin-off fund run by the International Monetary Fund on Europe's behalf can be expected to figure prominently at a G20 summit in France next week.

The EFSF's Regling moves on to Tokyo after Beijing, and Japan's Finance Minister Jun Azumi said Thursday that his country was ready to take "necessary measures" to help stabilise the eurozone in the interests of its own economy.

Bank of China to issue American Express credit cards
New York (AFP) Oct 26, 2011 - Bank of China will begin issuing American Express credit cards, the state-owned banking giant's first credit card designed for its private banking customers, the financial firms said Wednesday.

Under the terms of their new partnership, BOC, one of China's "big four" banks, will issue a credit card for the affluent branded Bank of China Private Bank American Express(R) Card.

The new card rolled out offers VIP banking services, access to premium golf courses, fast-track service through immigration and security at select airports and unlimited access to lounges in major airports around the world, the companies said in a joint statement.

Card members also will have special benefits and privileges across an array of hotels, offers from merchants around the world, and access to a 24-hour concierge service, comprehensive overseas relocation services and healthcare and wellness services.

The card has "dual currency functionality," with one account in US dollars and another in Chinese yuan, the firms said.

"American Express is a leading global brand that is recognized for providing premium services to affluent customers around the world," Xiangqun Zhong, general manager of BOC's credit card center, said in the statement.

"The launch of this new card marks the first milestone of our long-term partnership, and we look forward to offering our private banking customers exclusive privileges and benefits that they can enjoy both in China and when traveling abroad."

American Express vice president Dave Keung said the launch of the card represented "an important opportunity" to expand the reach of its brand and offer "world-class" benefits and services to the growing number of affluent consumers in China.

American Express and BOC launched the world's first yuan prepaid travelers checks in April 2010.

AmEx shares closed 2.1 percent higher at $50.45 on the New York Stock Exchange.