China tells US to take steps to avoid debt crisis
BEIJING (REUTERS) - China urged Washington on Monday to take decisive steps to avoid a debt crisis and to ensure the safety of Chinese investments, as a deadlocked US Congress confronted a looming deadline to increase the nation's borrowing power or risk default.
China, the US government's largest creditor, is "naturally concerned about developments in the US fiscal cliff", Vice-Finance Minister Zhu Guangyao said in the Chinese government's first public response to the Oct 17 deadline in the United States for raising the debt ceiling.
"The United States is totally clear about China's concerns about the fiscal cliff," Mr 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 US debt default to ensure safety of Chinese investments in the United States and the global economic recovery," Mr Zhu said.