China top paper presses US ahead of Biden visit

By REUTERS
August 17, 2011 06:38

BEIJING - The United States must ease Beijing's worries about its vast US debt holdings, China's top newspaper said on Wednesday ahead of a visit by  Vice President Joe Biden, warning that mishandling ties would lead to a "roller-coast ride" that would sap global confidence.

Commentaries in the domestic and overseas editions of the People's Daily, the official newspaper of China's ruling Communist Party, spelled out Beijing's chief concerns ahead of Biden's arrival in Beijing on Wednesday evening local time.

China wants Biden to reinforce US assurances that its holdings of dollar assets and US Treasury debt remain safe, despite Standard & Poor's recent downgrade of the United States' long-term credit outlook, the paper indicated.

"China, as the biggest foreign creditor of the United States and the largest foreign holder of dollar assets, is naturally more concerned about US policies than others," said a commentary in the overseas edition of the People's Daily.


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