Biden to China: “The US Has Never Defaulted and Never Will Default”
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US Vice-President Joe Biden wrapped up his five-day visit to China on Sunday by assuring Chinese students at Sichuan University that the US were dedicated to solving its economic problems, while remaining the “single-best bet in the world in terms of where to invest.”
Responding to questions posed by members of the audience, Biden assured the congregation that China’s US$1.17 trillion investment in US Treasury securities were safe.
US Vice-President Joe Biden wrapped up his five-day visit to China on Sunday by assuring Chinese students at Sichuan University that the US were dedicated to solving its economic problems, while remaining the “single-best bet in the world in terms of where to invest.”
Responding to questions posed by members of the audience, Biden assured the congregation that China’s US$1.17 trillion investment in US Treasury securities were safe.
Related: Sino-American Power Play: Why China Has to Buy US Debt
[quote]“Please understand that no one cares more about this than we do, since Americans own 87 percent of all our financial assets and 69 percent of all our Treasury bonds, while China owns 1 percent of our financial assets and 8 percent of our Treasury bills, respectively,” said Biden as quoted by the Washington Post.“So our interest is not just to protect Chinese investment. We have an overarching interest in protecting the investment, while the United States has never defaulted and never will default.”[/quote]
Biden then went on to praise China’s economic and social progress, stressing that a rising China is a positive development, not only for the Chinese people but for both the US and the world.
[quote]”A more prosperous China will mean more demand for American-made goods and services,” Biden said as quoted in the China Daily. “We have a stake in one another’s success.” [/quote]Biden further noted that as the two largest economies in the world, both countries had a part to play in the global recovery process.
Related: The US Economy
Related: China Economy
[quote]”The more we can work together, the more our people will benefit … and the more the world will benefit as the consequence of our cooperation.”[/quote]“We’re the two biggest engines in the world to be able to do that,” he added.
The Vice-President is set to visit Mongolia’s capital of Ulaanbaatar next before heading to Tokyo. According to a White House press statement issued ahead of his trip, Biden will “express steadfast US support for its close ally in the wake of the recent earthquake, tsunami, and nuclear emergency.”
In addition, the Vice-President is also likely to greet US civilian and military personnel who aided the Japanese disaster response in March.
