Thursday, August 18, 2011

Biden visit to China is concerned about the U.S. debt

The U.S. vice president, Joe Biden, arrived in China Wednesday, Aug. 17. He makes a long journey of five days which Beijing expects "concrete actions" on the huge debt of the United States. He has during his visit on several occasions to meet with his counterpart, Xi Jinping, likely successor in 2013 of President Hu Jintao and personality unknown to American political circles with which Washington hopes to build a relationship of dialogue.

The issue of U.S. debt, however, promises to capture a part of the discussions of Mr. Biden in China, very concerned about the enormous debt the United States. "China, as the largest foreign creditor of the United States and as the largest foreign holder of dollars, is obviously more concerned than others by the policy of the United States," wrote the People's Daily The official organ of the Chinese Communist Party, in a comment.

Joe Biden's visit is in response to criticism made by Beijing on August 2 agreement torn between the White House and Congress on raising the debt ceiling. China has denounced the "debt addiction" of the United States and urged Washington bluntly to stop living beyond its means. Beijing, which held in June 1170 billion dollars of U.S. Treasury bonds, "now has all rights to require the United States they are addressing their structural problem of debt," also said the agency had official New China.

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