Wen expresses confidence in U.S. economy
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Xinhua, August 19, 2011
Chinese Premier Wen Jiabao said on Friday that he is "fully confident" that the U.S. economy will overcome its difficulties and return to prosperity.
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Chinese Premier Wen Jiabao meets with U.S. Vice President Joe Biden in Beijing, August 19, 2011. |
"The prosperity and stability of the United States are important for the whole world," Wen said at the meeting, which was held in Zhongnanhai, the Chinese government's central compound.
Wen said that Biden conveyed a "very strong determination" to enhance Sino-U.S. relations during the first three days of his visit.
"You have clearly told the Chinese people that the United States is committed to preserving the integrity of its public debt, including its safety, liquidity and inflation-resistance, which will undoubtedly enhance investors' confidence," he said.
China remained the largest foreign holder of U.S. debt as of the end of June, holding about 1.16 trillion U.S. dollars in U.S. Treasury securities.
Biden said the United States will ensure the safety of its debt not only for the sake of China, but also for U.S. citizens, who own 85 percent of the country's total debt.
Biden began his six-day official visit to China on Wednesday. His visit comes on the heels of an unprecedented downgrade of the United States' credit rating earlier this month, which has created global uncertainty about the safety of dollar assets.
