Vice President Joe Biden thanked Chinese Premier Wen Jiabao for China's investment in U.S. government debt and assured him the country has "nothing to worry about" regarding the stability of the America economy.
CNS News reported:
"We appreciate and welcome your concluding that the United States is such a safe haven because we appreciate your investment in U.S. treasuries," Biden said as the two officials made a joint appearance in front of reporters in Beijing. "And very sincerely, I want to make clear that you have nothing to worry about in terms of their -- their viability."
The vice president's comments come after China sharply criticized the U.S.'s "addiction to debts" earlier this month following a credit downgrade by Standard & Poor's.
According to ABC, Biden expressed confidence in the U.S. economy, even coming off the brinksmanship of the recent debt crisis.
“No one has ever won betting against the U.S. economy,” Biden said. “I point out U.S. treasuries, we’re going to -- we’re going to take care of very closely not merely because China owns 8 percent of them, but because the Americans own 85 percent,” Biden said.
Wen acknowledged the recent crisis, but lauded Biden's reassurance that the U.S. government would honor its debt obligations.
“It’s particularly important that you sent a very clear message to the Chinese public that the United States will keep its word or -- and its obligations with regard to its government debt,” Wen said. “It will preserve the safety, liquidity and value of U.S. treasuries.”