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Biden visit: Yuan, debt dominate China-US talk

08-18-2011 10:32 BJT Special Report:US Vice President Joseph Biden visits China |

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Reflecting Chinese concerns, many believe Vice President Biden will use his trip to ease worries about China's vast holdings of U.S. debt. It's also expected he will press China to revalue the yuan during his meetings with top Chinese officials this week. Chinese analysts say the visit could lay the foundation for a new bilateral trade and economic dynamic between the two countries.

Chinese experts say the relationship between China and the developed world has changed. China is transforming from the "world's factory", to the "world's market". The explosive spending power of the Chinese could help boost the flagging global economy. Meanwhile, China faces its own challenges about how to overhaul its export-driven economy into one boosted by domestic demand.

Under this new changed dynamic, analysts are calling on both sides to look at this relationship with new eyes. They say, cooperation is essential for mutual economic security.

The Vice President of the United States Joseph Biden (front) arrives in Beijing, capital of China, on Aug. 17, 2011. (Xinhua/Li Xueren)

Zuo Xiaolei, chief economist of Galaxy Securities said, "The U.S.' international position is not under immediate threat. But if the government doesn't consider reform and allows the situation to worsen, their national credit rating will be further downgraded, which could be a turning point in U.S. power."

Analysts say Vice President Biden will be seeking Chinese support during this visit. He's expected to explain a long-term deficit reduction package agreed by the U.S. Congress, in which the recent deal to increase the U.S. debt ceiling was the first step.

Photo taken on Aug. 17, 2011 shows an airplane carrying Vice President of the United States Joseph Biden landed in Beijing, capital of China. Biden kicked off a six-day official visit to China. (Xinhua/Li Xueren)

Jin Canrong, professor from School of Int’l Studies, Renmin University said, "I think one of the purposes of the visit is to assess the situation and China's attitude towards the U.S.' lowered sovereign credit rating. I think the Vice President wants to find some help on this trip."

Like China's Great Wall, the Sino-U.S. relationship has been tested throughout history. But there are high hopes on both sides that it's made of solid enough stuff to withstand these very uncertain economic times.

Vice President of the United States Joseph Biden (C) receives
flowers upon his arrival in Beijing, capital of China, on
Aug. 17, 2011. (Xinhua/Huang Jingwen)

 

 

Editor:Li Wanran |Source: CNTV.CN

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