Joe Biden to China: 'US Never Will Default'

VP calls on China to rein in North Korea, Iran, and allow more freedom
By Mark Russell,  Newser Staff
Posted Aug 21, 2011 5:51 AM CDT
Joe Biden to China: 'US Never Will Default'
U.S. Vice President Joe Biden waves farewell after he delivers a speech at Sichuan University in Chengdu in southwestern China's Sichuan province, Sunday, Aug. 21, 2011. Biden says China and America need to recognize their mutual global concerns and responsibilities and ensure greater fairness in trade...   (AP Photo/Ng Han Guan)

Vice President Joe Biden wrapped up his five-day visit to China with a strong message of China-US interdependence and firm promises that the United States would never default on its debt, reports Reuters. Speaking in the southwest city of Chengdu earlier today, Biden emphasized the continued strength of the US economy, noting that America 's economy is two-and-a-half times larger than China's. He also pointed out that, as the United States owns 87% of its financial assets and 69% its treasury bonds, compared to the 1% of financial assets and 8% of treasury bills owned by China, it was in the US interest to pay its bills, adding "the United States has never defaulted and never will default."

Biden called on China to be more forceful in reining in North Korea and Iran, and encouraged Beijing to allow a freer flow of information and greater political dialogue, reports the AP. "Liberty unlocks a people's full potential and in its absence, unrest festers," said Biden. In general, the visit emphasized common ties and building trust between the two countries. "Asia and the United States are not separated by this great ocean," said Biden. "We are bound by it." (Read more China stories.)

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