News / USA

    China Urges US to Avoid Debt Crisis

    FILE - China's Vice Finance Minister Zhu Guangyao addresses the media during a news conference at a hotel in Los Cabos, Mexico.
    FILE - China's Vice Finance Minister Zhu Guangyao addresses the media during a news conference at a hotel in Los Cabos, Mexico.
    Reuters
    China urged Washington Monday to take decisive steps to avoid a debt crisis and ensure the safety of Chinese investments, as a deadlocked U.S. Congress confronted a looming deadline to increase the nation's borrowing power or risk default.
     
    China, the U.S. government's largest creditor, is “naturally concerned about developments in the U.S. fiscal cliff”, Vice Finance Minister Zhu Guangyao said in the Chinese government's first public comments on the approaching Oct. 17 deadline for the United States to raise the debt ceiling.
     
    “The United States is totally clear about China's concerns about the fiscal cliff,” Zhu told reporters in Beijing, adding that Washington and Beijing had been in touch over the issue.
     
    “We ask that the United States earnestly takes steps to resolve in a timely way before Oct. 17 the political [issues] around the debt ceiling and prevent a U.S. debt default to ensure safety of Chinese investments in the United States and the global economic recovery,” Zhu said.
     
    “This is the United States' responsibility.”
     
    The U.S. government moved into the second week of a shutdown on Monday with no end in sight.
     
    “We hope the United States fully understands the lessons of history,” Zhu said, referring to a deadlock in 2011 that led to a downgrade of the U.S. credit rating to “AA+” from “AAA” by rating agency Standard & Poors.
     
    The last big confrontation over the debt ceiling, in August 2011, ended with an eleventh-hour agreement under pressure from shaken markets and warnings of an economic catastrophe if a default were allowed to happen.
     
    Republican House Speaker John Boehner vowed on Sunday that there was “no way” Republican lawmakers would agree to a measure to raise the debt ceiling unless it included conditions to rein in deficit spending.
     
    The comment raised fears that the U.S. Congress and Obama could fail to reach a deal on raising the ceiling by Oct. 17, by which date the Treasury has estimated it will have run out of cash.

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    Comments
         
    by: Godwin from: Nigeria
    October 07, 2013 2:12 PM
    Yeah, China can be the bail out plan we've been looking for. Yes, let's go to China and forget the bickering congress. No wonder. It was Russia that bailed us out of the Syria red line, why not China take its turn to bail us out of a frigid debt ceiling that congress has refused to shift? I saw the president after a lunch on sandwiches lolling and sauntering back to his office, unperturbed whether the country was burning. I heard that emperor Nero did the same when Rome was on fire. Well Nero now has a partner, notwithstanding how many millenniums after. But the solution is simply let the president come down from the above belt he has hung his punch, negotiate a return to normalcy before returning to his pride - the obamacare. The trouble is with Obama seeing reason to move the country forward. Believe he doesn't see why.

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