Biden reassures China that its US investments are safe
Source: Agencies |
August 20, 2011, Saturday
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Print Edition
Print Edition
US Vice President Joe Biden tried to reassure China's leaders yesterday that its US$1.2 trillion in US Treasury debt is safe, while both sides stressed the importance of cooperation to revive world growth.
Biden's visit has been overshadowed by economic uncertainty in the United States and Beijing's anxiety about the safety of its US assets.
"The US economy is highly resilient," Chinese Vice President Xi Jinping said yesterday as he and Biden held a meeting with business leaders. "We believe the US economy will achieve even better development as it rises to challenges."
Premier Wen Jiabao echoed that theme in a meeting with Biden later. Wen said he had "full confidence" the US will "get its economy back on the track of healthy growth."
Both sides stressed the importance of China-US cooperation to revive world growth, reflecting the array of trade and investment ties that link the world's two biggest economies.
"It's particularly important that you have sent a clear message to the Chinese public that the US will keep its word with regard to its government debt," Wen said. "It will preserve the safety, liquidity and value of US Treasuries."
Biden reassured Wen about the security of China's US bond holdings and said US "appreciates and welcomes" Chinese investment.
"I want to be clear that you have nothing to worry about," Biden said in the meeting at the Zhongnanhai compound where Chinese leaders live and work.
Before the start of yesterday's meeting, the president of Bank of China expressed hope for a stable dollar. He said 57 percent of the bank's US$200 billion in foreign holdings was in dollar-based assets.
"We hope the US dollar will remain stable," Li Lihui said. "We are a little bit concerned, but we are confident that the US government can solve its economic problems."
Beijing is Washington's biggest foreign creditor and has appealed to US leaders to avoid taking steps in response to its economic malaise that might erode the value of the dollar and China's Treasury debt and other US assets.
In a later meeting with Chinese President Hu Jintao, Biden said President Barack Obama had tasked him with reaffirming America's "absolute and total commitment to stay engaged in the world in the most vigorous way possible."
Chinese Vice Foreign Minister Cui Tiankai told reporters the discussions had also touched on US actions toward Taiwan. The US is to decide by October 1 - before Xi's expected reciprocal visit to Washington - on Taiwan's long-mooted bid to buy relatively advanced F-16 C/D fighter jets, a decision sure to raise tensions with Beijing.
Cui declared the visit a success in boosting understanding between Biden and Xi. "I think they've established a good working relationship," Cui said.
On Thursday, Biden expressed the "found hope" the trip would lead to stronger personal relationships with Chinese leaders
Today, Xi and Biden travel to Chengdu, capital of Sichuan province, which suffered a massive earthquake in 2008.
Biden's visit has been overshadowed by economic uncertainty in the United States and Beijing's anxiety about the safety of its US assets.
"The US economy is highly resilient," Chinese Vice President Xi Jinping said yesterday as he and Biden held a meeting with business leaders. "We believe the US economy will achieve even better development as it rises to challenges."
Premier Wen Jiabao echoed that theme in a meeting with Biden later. Wen said he had "full confidence" the US will "get its economy back on the track of healthy growth."
Both sides stressed the importance of China-US cooperation to revive world growth, reflecting the array of trade and investment ties that link the world's two biggest economies.
"It's particularly important that you have sent a clear message to the Chinese public that the US will keep its word with regard to its government debt," Wen said. "It will preserve the safety, liquidity and value of US Treasuries."
Biden reassured Wen about the security of China's US bond holdings and said US "appreciates and welcomes" Chinese investment.
"I want to be clear that you have nothing to worry about," Biden said in the meeting at the Zhongnanhai compound where Chinese leaders live and work.
Before the start of yesterday's meeting, the president of Bank of China expressed hope for a stable dollar. He said 57 percent of the bank's US$200 billion in foreign holdings was in dollar-based assets.
"We hope the US dollar will remain stable," Li Lihui said. "We are a little bit concerned, but we are confident that the US government can solve its economic problems."
Beijing is Washington's biggest foreign creditor and has appealed to US leaders to avoid taking steps in response to its economic malaise that might erode the value of the dollar and China's Treasury debt and other US assets.
In a later meeting with Chinese President Hu Jintao, Biden said President Barack Obama had tasked him with reaffirming America's "absolute and total commitment to stay engaged in the world in the most vigorous way possible."
Chinese Vice Foreign Minister Cui Tiankai told reporters the discussions had also touched on US actions toward Taiwan. The US is to decide by October 1 - before Xi's expected reciprocal visit to Washington - on Taiwan's long-mooted bid to buy relatively advanced F-16 C/D fighter jets, a decision sure to raise tensions with Beijing.
Cui declared the visit a success in boosting understanding between Biden and Xi. "I think they've established a good working relationship," Cui said.
On Thursday, Biden expressed the "found hope" the trip would lead to stronger personal relationships with Chinese leaders
Today, Xi and Biden travel to Chengdu, capital of Sichuan province, which suffered a massive earthquake in 2008.
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