Europe’s courtship of Beijing is moving to a new and more intense level. Klaus Regling, the chief of the eurozone bail-out fund is in Beijing discussing possible support. Just a few days ago, French President Nicolas Sarkozy conferred with Chinese President Hu Jintao to win Beijing’s support. They should not hold out their hopes too high.

They will have had a courteous hearing: China is willing and able to help. Since the beginning of Europe’s sovereign debt crisis, China has repeatedly expressed its wish to offer “a helping hand” to Europe. eurozone countries, however, have to understand that they will have to save themselves. Expectations for a “red knight” to come riding to the rescue are sorely misplaced.

To be clear, a strong Europe is always welcome by Beijing for geopolitical reasons. Also, as China’s most important trade partner, a financially sound and a prosperous Europe is firmly in China’s interests. Also of course, sitting as it is on a pile of $3,200bn of foreign exchange reserves, China can help, but while it is willing to do so, it is not without conditions.