http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2185949&Language=en
China upbeat about US economy, pledges more business opportunities
8/19/2011 6:02:00 PM
TOKYO, Aug 19 (KUNA) -- Chinese Premier Wen Jiabao said on Friday that he is "fully confident" that the US economy will overcome its difficulties and return to prosperity," state-run Xinhua News Agency reported.
"The prosperity and stability of the US are important for the whole world," Wen told US Vice President Joe Biden in Beijing. Biden's visit comes on the heels of an unprecedented downgrade of the US' credit rating earlier this month, which has created global uncertainty about the safety of dollar assets.
"You have clearly told the Chinese people that the US is committed to preserving the integrity of its public debt, including its safety, liquidity and inflation-resistance, which will undoubtedly enhance investors' confidence, " Wen was quoted as telling Biden.
China remained the largest foreign holder of US debt as of the end of June, holding about USD 1.16 trillion Treasury securities. "The US will ensure the safety of its debt not only for the sake of China, but also for US citizens, who own 85 percent of the country's total debt," Biden told Wen, according to Xinhua.
Wen urged the two countries to increase mutual trust, dispel suspicion, increase coordination, properly handle contradictions, reduce barriers and seek common prosperity. The premier also urged the US to relax the restrictions on US high-tech exports to China and protect the legitimate interests of investors.
Wen said China appreciated the US commitment to adopt a responsible fiscal and monetary policy, curtail deficits and safeguard foreign investment.
"China is ready to increase cooperation with the US to boost market confidence and maintain international financial stability," Wen said. Biden welcomed China's increased investment in the US and pledged to ensure the safety of China's investment and its holdings of dollar assets.
Earlier in the day, Chinese Vice President Xi Jinping also gave a vote of confidence for the US economy while urging the country to remove trade and investment restrictions. "We believe the US economy will achieve even greater development as it deals with its challenges," Xi said while attending a business conference in Beijing with Biden. Xi, who is expected to become the ruling Communist Party leader next year, also said China will provide even greater business opportunities for American companies in the next five years. "It is estimated that in the next five years, China will import commodities worth more than USD 8 trillion," said Xi.
He also urged the US to remove trade and investment restrictions and to take action to relax limits on US' high-tech exports to China, and to create a fair investment environment for Chinese businesses. Biden acknowledged problems in US-China trade, calling for more candid discussions to tackle the issues. He added that the US would like to work with China to facilitate market access and mutual investment.
Biden, who began his six-day China visit on Wednesday, also met Chinese President Hu Jintao. US President Barack "Obama asked me to come to Beijing to meet you and reaffirm our absolute commitment to developing a strong, enduring and positive relationship with China and to reaffirm our engagement with the world in a much bigger way," Biden told Hu, according to Xinhua. This is Biden's first visit to China after becoming US vice president in 2009.
China upbeat about US economy, pledges more business opportunities
8/19/2011 6:02:00 PM
TOKYO, Aug 19 (KUNA) -- Chinese Premier Wen Jiabao said on Friday that he is "fully confident" that the US economy will overcome its difficulties and return to prosperity," state-run Xinhua News Agency reported.
"The prosperity and stability of the US are important for the whole world," Wen told US Vice President Joe Biden in Beijing. Biden's visit comes on the heels of an unprecedented downgrade of the US' credit rating earlier this month, which has created global uncertainty about the safety of dollar assets.
"You have clearly told the Chinese people that the US is committed to preserving the integrity of its public debt, including its safety, liquidity and inflation-resistance, which will undoubtedly enhance investors' confidence, " Wen was quoted as telling Biden.
China remained the largest foreign holder of US debt as of the end of June, holding about USD 1.16 trillion Treasury securities. "The US will ensure the safety of its debt not only for the sake of China, but also for US citizens, who own 85 percent of the country's total debt," Biden told Wen, according to Xinhua.
Wen urged the two countries to increase mutual trust, dispel suspicion, increase coordination, properly handle contradictions, reduce barriers and seek common prosperity. The premier also urged the US to relax the restrictions on US high-tech exports to China and protect the legitimate interests of investors.
Wen said China appreciated the US commitment to adopt a responsible fiscal and monetary policy, curtail deficits and safeguard foreign investment.
"China is ready to increase cooperation with the US to boost market confidence and maintain international financial stability," Wen said. Biden welcomed China's increased investment in the US and pledged to ensure the safety of China's investment and its holdings of dollar assets.
Earlier in the day, Chinese Vice President Xi Jinping also gave a vote of confidence for the US economy while urging the country to remove trade and investment restrictions. "We believe the US economy will achieve even greater development as it deals with its challenges," Xi said while attending a business conference in Beijing with Biden. Xi, who is expected to become the ruling Communist Party leader next year, also said China will provide even greater business opportunities for American companies in the next five years. "It is estimated that in the next five years, China will import commodities worth more than USD 8 trillion," said Xi.
He also urged the US to remove trade and investment restrictions and to take action to relax limits on US' high-tech exports to China, and to create a fair investment environment for Chinese businesses. Biden acknowledged problems in US-China trade, calling for more candid discussions to tackle the issues. He added that the US would like to work with China to facilitate market access and mutual investment.
Biden, who began his six-day China visit on Wednesday, also met Chinese President Hu Jintao. US President Barack "Obama asked me to come to Beijing to meet you and reaffirm our absolute commitment to developing a strong, enduring and positive relationship with China and to reaffirm our engagement with the world in a much bigger way," Biden told Hu, according to Xinhua. This is Biden's first visit to China after becoming US vice president in 2009.
