China hopes US bailout bill can stabilize markets

China hopes a historic US$700 billion U.S. government bailout of the financial industry will help stabilize global markets.The People's Bank of China praised the approval of the bill and said China was willing to work with the U.S. and other countries to stabilize markets worldwide. ``We hope this bill can be implemented as soon as possible and gain positive results, to stabilize the U.S. and global financial markets and restore the confidence of investors,'' the statement said. A reluctant U.S. Congress abruptly reversed course and approved a US$700 billion government bailout bill for the battered U.S. financial industry on Friday. U.S. President George W. Bush swiftly signed it.