Biden in China to revive U.S. image after historic debt downgrade

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AHN News Staff

Beijing, China (AHN) – U.S. Vice President Joe Biden on Wednesday arrived in China seeking to revive the United States’ image following a historic credit rating downgrade,

During his five-day visit, the Vice President is expected to meet his counterpart Xi Jinping, who is expected to be the Asian power’s new leader next year, and will stress the strengths of American economy. The main agenda of Biden’s visit is to build rapport and a working relationship with Xi.

However, experts suggest that China’s concerns about the safety of its US investments after credit downgrade could overshadow his plans.

China’s Communist Party’s mouthpiece People’s Daily, in an article, on Wednesday said, “China, as the biggest foreign creditor of the United States and the largest foreign holder of dollar assets, is naturally more concerned about U.S. policies than others.”

Local media tag U.S. as irresponsible since China is U.S. debt’s largest holder with around $1.17 trillion in US Treasuries by June end. Official Xinhua news agency wanted Biden to show their commitment and willingness to tackle the current fiscal and economic challenges with a warning that the recent debt deal was insufficient to resolve the “runaway debt problem”, saying it had left a “ticking time bomb”.

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