August 19, 2011, New York Times Chinese Premier Sounds Confident Note on U.S. Economy By MICHAEL WINES
BEIJING After widespread criticism among Chinese of Washingtons recent debt-ceiling gridlock and with expanding fears of another recession that could imperil the value ofChinas huge stake in American debt, Vice President Joseph R. Biden Jr. and Chinese leaders labored on Friday to cast the American economys weakness as a passing phase. The days exchanges, first with Vice President Xi Jinping and then with Premier Wen Jiabao, only underscored the extent to which the worlds two biggest economies are inextricably linked, and the concern each side has that disruptions on one side of the Pacific might spill over to the other. In Fridays discussions, however, the previously outspoken Chinese publicly muted their concerns, while Mr. Biden proffered repeated assurances that the United States would overcome its fiscal and economic troubles. Yet, Mr. Xi, the presumed successor to President Hu Jintao, obliquely referred to the shifting balance of fiscal power between the nations. No longer, he said, is America the sole source of money and technology, and China the source of factory labor. More and more, Chinese businesses are going to the United States to make investments and start businesses, he said, contributing their part to the growth of the U.S. economy and the creation of jobs.� Mr. Biden enthusiastically endorsed more Chinese investment in the American economy, telling Mr. Xi, It means jobs, it means American jobs.� The White House was expected to reveal later that Chinese firms had committed to $965 million in purchases of American exports and investments in American businesses, said one Obama administration official who spoke on condition of anonymity because the deals had not been officially announced. Meeting later with Mr. Biden in Zhongnanhai, the Chinese leadership compound in central Beijing, Mr. Wen reiterated his faith in the strength of the American economic system and praised Mr. Biden for his assurances. In spite of the difficulties facing the United States economy at present, I have full confidence that the United States will overcome these difficulties and get its economy back on the track of healthy growth,� he said. It was especially important, he added, that Mr. Biden had assured Chinese that the United States will keep its word and its obligations with regard to its government debt, it will preserve the safety, liquidity and value of U.S. Treasuries.� Mr. Biden replied, U.S. Treasuries we're going to take care of very closely, not merely because China owns 8 percent of them, but because the Americans own 85 percent of them.� The Chinese have made Americas rising debt and concerns about its economic strength a central topic in Mr. Bidens private discussions here. Since arriving Wednesday evening, the vice president has met with Mr. Wen, Mr. Xi, President Hu Jintao and Wu Bangguo, who leads the National Peoples Congress. Fridays tributes to American financial strength appeared directed as much at the Chinese people as at global markets. Chinese news reports have suggested that citizens are losing faith in the American economy and that they are upset that the Chinese government holds more than $1 trillion in Treasury securities. Blog Jakarta Post Online Reviews Akses berita lokal dan mancanegara terkini dengan Gratis dan realtime (seketika) Kunjungi disini http://jakartapost.blogspot.com Blog Komunitas Tionghoa di Indonesia Akses berita, updates kegiatan komunitas Tionghoa di Indonesia serta komentar komunitas Tionghoa dan para pemerhati dan yang peduli dengan negeri ini. Kunjungi http://tionghoanet.blogspot.com atau http://chinese-clubs.blogspot.com http://indonesiaupdates.blogspot.com
