China urges US to take decisive steps to avoid bankruptcy, ensure safety of Chinese investments

AsiaChina urges US to take decisive steps to avoid bankruptcy, ensure safety...

BEIJING: China has urged the United States to take decisive steps to avoid bankruptcy and ensure safety of Chinese investments as the US government shutdown enters its second week and the country is just ten days away from default.

Giving the Chinese government’s first public response to the October 17 US deadline for raising the debt ceiling, China’s Vice Finance Minister Zhu Guangyao said that Beijing is naturally concerned about developments in the US fiscal cliff.

   

The US would run out of money by October 17 and have less than $30 billion cash in hand if Congress fails to agree on its spending plans, Treasury Secretary Jacob Lew calculated.

“We ask that the United States earnestly takes steps to resolve in a timely way before October 17 the political (issues) around the debt ceiling and prevent a US debt default to ensure safety of Chinese investment in the United States and the global economic recovery,” Zhu said.

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