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Chinese VP says U.S. economy will improve by addressing current challenges

08-19-2011 16:45 BJT Special Report:US Vice President Joseph Biden visits China |

BEIJING, Aug. 19 (Xinhua) -- Chinese Vice President Xi Jinping said Friday that he believes the U.S. economy will improve by addressing current challenges.

Chinese Vice President Xi Jinping (R) and United States Vice President Joe Biden attend the China-US Business Dialogue aimed at enhancing the bilateral trade and economic ties, in Beijing, capital of China, Aug. 19, 2011. (Xinhua/Huang Jingwen)

"The U.S. economy has always been resilient and capable of repairing itself," Xi said as he joined visiting U.S. Vice President Joe Biden in attending the China-U.S. Business Dialogue, which was held in Beijing on Friday.

Xi told the businessmen at the dialogue that the visiting U.S. vice president briefed him on Thursday on the U.S. government's measures to boost its economy and increase employment.

Chinese Vice President Xi Jinping (C) and United States Vice President Joe Biden (3rd L) attend the China-US Business Dialogue aimed at enhancing the bilateral trade and economic ties, in Beijing, capital of China, Aug. 19, 2011. (Xinhua/Huang Jingwen)

Biden's six-day official visit to China comes on the heels of an unprecedented downgrade of the United States' credit rating earlier this month, which created global uncertainty about the safety of dollar assets.

China remains the largest foreign holder of U.S. debt, with about 1.16 trillion U.S. dollars in U.S. Treasury securities.

"We believe that the U.S. economy will move for the better by addressing these challenges," Xi said.

Chinese Vice President Xi Jinping (L) and United States Vice President Joe Biden attend the China-US Business Dialogue aimed at enhancing the bilateral trade and economic ties, in Beijing, capital of China, Aug. 19, 2011. (Xinhua/Huang Jingwen)

"I hope that Chinese and U.S. entrepreneurs will judge the situation appropriately, remain confident and turn challenges into opportunities," Xi said, urging the businessmen to "make contributions to facilitate the sustainable and balanced development of the Chinese and U.S. economies, as well as the global economy."

Senior executives from prestigious Chinese and American companies, such as the China Ocean Shipping (Group) Company, the Bank of China, Lenovo, General Motors and J.P. Morgan, attended the dialogue.

Editor:Wang Xiaomei |Source: Xinhua

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