{"id":10056,"date":"2011-08-20T23:08:39","date_gmt":"2011-08-20T23:08:39","guid":{"rendered":""},"modified":"2011-08-20T23:08:39","modified_gmt":"2011-08-20T23:08:39","slug":"Biden-tells-China-US-will-never-default-on-debt","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=10056","title":{"rendered":"Biden tells China: US will never default on debt"},"content":{"rendered":"<p><strong>US Vice President Joe Biden said on today that the world&#8217;s biggest economy would never default on its debts, during a visit aimed at boosting Chinese confidence in America&#8217;s beleaguered finances.<\/strong><\/p>\n<p>In a speech to hundreds of university students in the vast southwestern city of Chengdu, <strong>Biden also urged China to &#8220;cherish&#8221; a free flow of information between the government and public, as the communist state quells dissent anew.<\/strong><\/p>\n<p><strong>Biden said at Sichuan University that the United States remained the &#8220;single best bet&#8221; for investment<\/strong> &#8212; despite the historic downgrade this month of the country&#8217;s top-notch credit rating by Standard &#038; Poor&#8217;s.<\/p>\n<p>&#8220;The United States has never defaulted and never will,&#8221; he said, on the final day of his first official visit to China as vice president.<\/p>\n<p>China is the largest foreign holder of US debt, and Biden has used the five-day trip to assure its leaders that their massive investment remains safe after Washington narrowly avoided a catastrophic default earlier this month.<\/p>\n<p><iframe width=\"480\" height=\"390\" src=\"http:\/\/www.youtube.com\/embed\/B6cPLAwnuVw\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p>Chinese leaders, including Premier Wen Jiabao and Vice President Xi Jinping, have been publicly conciliatory with Biden &#8212; in sharp contrast to state media in recent weeks, which has accused US leaders of acting recklessly.<\/p>\n<p>During his speech, Biden also called the possibility of a nuclear-armed Iran &#8220;a direct and serious threat to the security of the United States and our allies&#8221;.<\/p>\n<p>He urged China to &#8220;send a clear message&#8221; to Iranian leaders that they &#8220;must live up to their international obligation&#8221;, and also expressed concern about North Korea.<\/p>\n<p><strong>Chengdu, a huge conurbation of 14 million people, is the capital of Sichuan province<\/strong>, where nearly 200 of the Fortune 500 largest firms in the world have invested.<\/p>\n<p><strong>China and the United States have signed deals worth nearly US$1 billion during Biden&#8217;s trip<\/strong>, according to a US official who requested anonymity.<\/p>\n<p><strong>Following his stopover in Chengdu, Biden will visit Mongolia and close US ally Japan.<\/strong><\/p>\n<p><em>Source AFP<\/em><br \/>\n<!--break--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Vice President Joe Biden said on today that the world&#8217;s biggest economy would never default on its debts, 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