Chinese Premier Wen Jiabao expressed confidence in the U.S. economy Friday, saying he was positive it will bounce back in the wake of the downgrade, Reuters reported.
Wen, the first senior Chinese official to directly comment on the U.S. downgrade and debt crisis, told Vice President Joe Biden he is convinced of the America’s resilience and strength.
“It’s particularly important that you sent a very clear message to the Chinese public 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,” Wen said.
And Biden, who is on day two of his trip to China, said the Chinese government’s massive investment — the country is the largest single holder of U.S. government debt — is safe.
“Very sincerely I want to make clear you have nothing to worry about,” Biden said.
Earlier that day, Biden told his Chinese hosts “no one has ever made money betting against America.”
At a roundtable of business leaders, Chinese Vice President Xi Jinping said Biden had shared with him U.S. plans for job creation, cutting the deficit and handling the debt issue.
“The U.S. economy is highly resilient and has a strong capacity for self-repair,” Xi, who is expected to succeed Hu Jintao as president in early 2013, said. “We believe that the U.S. economy will achieve even better development as it rises to challenges.”
Biden’s five-day visit is focused on building relationships with China, and comes in the wake of Standard & Poor’s downgrade of U.S. debt from AAA to AA . Biden’s Asia tour will also include stops in Mongolia and Japan.
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