China sought more reassurance on U.S. measures to
tackle its debt crisis on Wednesday as Vice President Joe Biden
arrived in Beijing and urged the two nations to cooperate on shared
A commentary by the official Xinhua news agency said the recent U.S. package of measures to reduce its fiscal deficit had "failed to resolve the runaway debt problem of the world's largest economy, leaving a ticking time bomb."
The commentary called Biden's trip "a timely visit to ease concerns and boost ties," and said he was expected to "assure Chinese leaders of Washington's capacity, will, and commitment to tackle its fiscal and economic challenges."
"Such a message will be reassuring indeed, both to China, the largest foreign holder of U.S. bonds, and to the broader international community," it said.
"Although there's lots of reassuring going on, real relief appears nowhere in sight," the commentary said.
Biden said before his arrival that cooperation between the two nations would benefit the whole world.
The United States aimed to put relations with China "on a steady and sustainable track for the coming decades," Biden told the People's Daily, the official newspaper of China's ruling Communist Party, in Washington.
"For me and President (Barack) Obama, the bottom line is that the United States and China will face many similar challenges and share many responsibilities as two big nations with global roles in the 21st century," he said.
Biden said Chinese companies were welcome to invest in the United States and benefit from its "open, transparent and non-discriminatory" policies, an apparent attempt to reassure China in the face of political opposition to some Chinese investments.
He said the U.S. government planned to revise rules that restrict exports of some high-technology products to China, a move that Chinese officials have requested many times in recent years.
Biden said only about 1 percent of U.S. exports to China last year had required export permits.
"We believe we can utilize many other effective ways to expand trade and achieve a more balanced economic relationship," he told the newspaper.
To reduce its trade deficit with China, which was $273 billion in 2010, the United States has urged China to let its currency appreciate and remove barriers to imports.
U.S. officials said Biden planned to outline his country's deficit reduction plan to China, the United States' biggest creditor.
He was also expected to discuss U.S. arms sales to Taiwan during talks with Chinese leaders on Thursday and Friday.
Biden was scheduled to meet Chinese Vice President Xi Jinping, who is expected to succeed President Hu Jintao as Communist Party leader late next year and state head in early 2013. He will also meet Hu and Premier Wen Jiabao.
His itinerary includes a two-day trip to the south-western city of Chengdu to speak at a university on U.S.-China relations and visit an area hit by the devastating 2008 Sichuan earthquake.
Following his visit to China, Biden was scheduled to travel to Mongolia and Japan.
His visit to Mongolia on Monday was to be the first to the country by a U.S. vice president since 1944.
In Japan, Biden was to stress U.S. support of Japanese efforts to rebuild following the devastating earthquake, tsunami and nuclear disaster in March, U.S. officials said.
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