China aims debt at US renovation
Source: Agencies/Shanghai Daily |
December 3, 2011, Saturday
|
Print Edition
Print Edition
CHINA wants to convert some of its mountain of United States government debt into investment in renovating American roads and railways, the commerce minister said yesterday.
Speaking to a business group, Chen Deming said China wants closer cooperation with the US in infrastructure, clean energy and technology. Such investments would tie China more closely to Western economies and might help defuse Western fears China might use its US$3.2 trillion in foreign reserves - some US$1.15 trillion of that in Treasury and other US government debt - as a "political weapon."
"We hope to achieve cooperation in the area of infrastructure," Chen told members of the American Chamber of Commerce in China.
Chen said he was amazed at the high quality of US subways and other infrastructure when he visited 20 years ago but many roads, railways and ports today need renovation.
"China is willing to turn some of our holdings of your debt into investment in the United States, hoping to create jobs for the United States," he said.
Also this week, the chairman of China's sovereign wealth fund said it wants to invest in projects to improve British roads and infrastructure. He said that would help to boost feeble global economic growth.
China is encouraging its companies to invest more abroad to reduce the country's reliance on exports and investment. It has sent trade and investment delegations to the US, Europe and elsewhere to look for opportunities.
Chen said China wants to see Chinese and US companies cooperate more closely on clean energy, environmental and energy-saving technology, information technology, biotechnology, pharmaceuticals and medical devices.
The minister acknowledged disagreements between the two countries over global trade talks, trade in environmental technology and other areas but said the two governments had more areas of common interest.
Chen repeated China's long standing appeal to the US to relax restrictions on exports of "dual use" technologies with possible weapons applications.
"We hope Chinese-US trade will continue to grow and the imbalance will shrink. But that takes both of us to achieve," he said.
In an article published yesterday, Chen wrote that China will further open its markets but under its own initiative. The article came as China nears the 10-year anniversary of its joining the World Trade Organization on December 11, 2001.
China will further expand market access for foreign investors, optimize tariff structure and promote more balanced trade, Chen wrote.
He said the process will be accelerated for overseas capital to get into areas like finance, health care, education, tourism and services for the old.
"China has achieved great success in the past decade thanks to being a member of the WTO," Chen said. "It should be partly owed to the WTO system which is stable, transparent, predictable and non-discriminating."
In the past 10 years, China's exports increased 4.9 times from 2001, and imports jumped 4.7 times, while foreign direct investment in China was ranked tops among developing countries. All this helped China maintain a rapid growth rate and become the world's second-largest economy last year.
Speaking to a business group, Chen Deming said China wants closer cooperation with the US in infrastructure, clean energy and technology. Such investments would tie China more closely to Western economies and might help defuse Western fears China might use its US$3.2 trillion in foreign reserves - some US$1.15 trillion of that in Treasury and other US government debt - as a "political weapon."
"We hope to achieve cooperation in the area of infrastructure," Chen told members of the American Chamber of Commerce in China.
Chen said he was amazed at the high quality of US subways and other infrastructure when he visited 20 years ago but many roads, railways and ports today need renovation.
"China is willing to turn some of our holdings of your debt into investment in the United States, hoping to create jobs for the United States," he said.
Also this week, the chairman of China's sovereign wealth fund said it wants to invest in projects to improve British roads and infrastructure. He said that would help to boost feeble global economic growth.
China is encouraging its companies to invest more abroad to reduce the country's reliance on exports and investment. It has sent trade and investment delegations to the US, Europe and elsewhere to look for opportunities.
Chen said China wants to see Chinese and US companies cooperate more closely on clean energy, environmental and energy-saving technology, information technology, biotechnology, pharmaceuticals and medical devices.
The minister acknowledged disagreements between the two countries over global trade talks, trade in environmental technology and other areas but said the two governments had more areas of common interest.
Chen repeated China's long standing appeal to the US to relax restrictions on exports of "dual use" technologies with possible weapons applications.
"We hope Chinese-US trade will continue to grow and the imbalance will shrink. But that takes both of us to achieve," he said.
In an article published yesterday, Chen wrote that China will further open its markets but under its own initiative. The article came as China nears the 10-year anniversary of its joining the World Trade Organization on December 11, 2001.
China will further expand market access for foreign investors, optimize tariff structure and promote more balanced trade, Chen wrote.
He said the process will be accelerated for overseas capital to get into areas like finance, health care, education, tourism and services for the old.
"China has achieved great success in the past decade thanks to being a member of the WTO," Chen said. "It should be partly owed to the WTO system which is stable, transparent, predictable and non-discriminating."
In the past 10 years, China's exports increased 4.9 times from 2001, and imports jumped 4.7 times, while foreign direct investment in China was ranked tops among developing countries. All this helped China maintain a rapid growth rate and become the world's second-largest economy last year.
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