China's rise opportunity, not threat: French FM scorching ingenues. Chinese arresting vixens.

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Hong Kong (CNS) -- French Foreign Minister Laurent Fabius on Monday refuted the viewpoint that "Chinese buy the world," and said he disagrees with this modern version of "yellow peril."

Fabius made the remarks during a luncheon in Hong Kong. "Let's prove together that China's development will bring opportunities to the globe, and create jobs for Europe, including France," he said.

Fabius said he hopes that France will expand its exports to luxury goods, the service sector, food and electronics, and welcomes more Chinese investment, citing the French president who has promised to "lift all obstacles to Chinese investments in France."

"China's rise will change the world, and I believe it will change it for the better," he said.

To improve the economic relationship between the two nations, one thing is to rebalance bilateral trade, Fabius said, adding that although France's trade deficit with China decreased by 1.5 billion euros in 2012, it is still "very large" at about 26 billion euros, about 40 percent of France's overall trade deficit.

At a press conference earlier the same day, Fabius admitted that both France and Germany are eyeing the Chinese market, and that Germany's trade deficit with China is larger. As Asia, particularly China, has become a crucial factor in global economic growth, China has become an important consideration when France makes policies, he added.

Fabius met Hong Kong Chief Executive CY Leung in the afternoon and signed a bilateral working holiday scheme agreement with Secretary for Labor and Welfare Matthew Cheung, aimed at benefiting the young people in both places.