Chinese leaders are warning their European counterparts not to rely on Beijing to bail them out of their continuing debt crisis.

President Hu Jintao was quoted Wednesday telling French President Nicolas Sarkozy it is mainly up to Europe to solve the continent’s economic problems.

At the same time, China’s official Xinhua news agency said Mr. Hu acknowledged the crucial importance of Europe’s stability to the world economy. He said China believes the Europeans have the wisdom and capability to solve their problems.

The two leaders spoke in Cannes, France, ahead of this week’s meeting of G20 leading economic powers.

European leaders are hoping that China, with the world’s largest foreign exchange reserves, will make a major investment in a new fund designed to help Greece and other deeply indebted European countries to avoid default.

But Chinese Vice Finance Minister Zhu Guangyao said Wednesday in Cannes that China needs to know more about the fund before it can make any decision.

He said he hopes uncertainties created by Greece’s decision to hold a referendum on bailout terms can be settled as quickly as possible.

In Beijing, Foreign Ministry spokesman Hong Lei said China has always recognized the importance of the euro zone and its economic development.

He said China will always be an important investor in Europe’s financial markets.

China is forced to seek a delicate balance between its global responsibilities as a major economic power and its needs at home, where an estimated 150 million people still live in poverty.