Biden's visit
is aimed at learning about Chinese Vice President Xi Jinping, who is
expected to become leader of the ruling Communist Party next year. But
it has been overshadowed by US economic uncertainty and Beijing's
anxiety about the safety of its US assets."The US economy is highly
resilient," Xi said as he and Biden held a round-table meeting with
business leaders. "We believe that the US economy will achieve even
better development as it rises to challenges."Premier Wen Jiabao,
the ruling party's No. 3 leader, echoed that theme in a meeting with
Biden later. Wen said he has "full confidence" the United States will
"get its economy back on the track of healthy growth."Chinese
leaders have repeated that upbeat theme throughout Biden's visit, trying
to project a responsible image and reassure jittery global markets.Both
sides stressed the importance of US-Chinese cooperation to revive world
growth, reflecting the array of trade and investment ties that link the
world's two biggest economies despite tensions over human rights,
Taiwan and other issues."It's particularly important that you have
sent a clear message to the Chinese public that the US will keep its
word with regard to its government debt," Wen said. "It will preserve
the safety, liquidity and value of US Treasurys."Biden reassured Wen
about the security of China's US bond holdings and said Washington
"appreciates and welcomes" Chinese investment. "I want to be clear that
you have nothing to worry about," Biden said in the meeting at the
Zhongnanhai compound where Chinese leaders live and work.In a later
meeting with Chinese President Hu Jintao, Biden said President Barack
Obama had tasked him with reaffirming America's "absolute and total
commitment to stay engaged in the world in the most vigorous way
possible."Chinese Vice Foreign Minister Cui Tiankai told reporters
the discussions had also touched on US actions toward Taiwan, the
self-governing island democracy that China claims as its own territory
but which Washington is legally bound to provide with a credible
defense. The US is to decide by Oct. 1 — before Xi's expected reciprocal
visit to Washington — on Taiwan's long-mooted bid to buy relatively
advanced F-16 C/D fighter jets, a decision sure to raise tensions with
Beijing.Cui said the sides also discussed a range of global issues
and that China urged a speedy resumption of six-nation North Korea
disarmament talks. He declared the visit a success in boosting
understanding between Biden and Xi."I think they've established a good working relationship," Cui said.China's
rising economic and military might have led both sides to call for
better communication to solve issues that could flare into bigger
problems and cooperation on issues including the economic crisis and the
environment.On Thursday, Biden expressed the "fond hope" the trip would lead to stronger personal relationships with Chinese leaders.Friday's
meeting with businesspeople was aimed at enhancing cooperation amid
complaints by foreign companies about Chinese market barriers and by
Beijing about US export restrictions. It included executives of General
Motors Co., Coca Cola Co., Caterpillar Inc., Bank of China Ltd.,
computer maker Lenovo Group and appliance brand Haier Group."We need to deepen cooperation," Xi said.Biden
acknowledged China's complaints about the difficulty of obtaining US
visas and noted foreign unhappiness about limitations on access to its
markets, saying, "changes need to take place here in China as well."During
the meeting, officials and businesspeople discussed complaints by
companies from both countries about access to each others' markets, said
Richard Lavin, group president for Peoria, Illinois-based Caterpillar.
He said the atmosphere was "very positive" but declined to give details
of comments by Xi and other Chinese officials."We talked about
restrictions inside China that make it problematic for US investors,"
said Lavin. "US representatives made commitments about continuing to
open the United States to Chinese investment."On Saturday, Xi and
Biden travel to Chengdu, capital of Sichuan province, which suffered a
massive earthquake in 2008. Biden will speak to high school students
Sunday and visit quake reconstruction projects.Beijing is
Washington's biggest foreign creditor and has appealed to US leaders to
avoid taking steps in response to its economic malaise that might erode
the value of the dollar and China's Treasury debt and other US assets.Ahead
of Biden's arrival, state media carried comments by Chinese analysts
appealing to Washington to avoid further stimulus moves by the Federal
Reserve and to protect foreign investors in the United States.Before
the start of Friday's meeting, the president of Bank of China expressed
hope for a stable dollar. He said 57 percent of the bank's $200 billion
in foreign holdings is in dollar-based assets."We hope the US
dollar will remain stable," Li Lihui told reporters. "We are a little
bit concerned, but we are confident that the US government can solve its
economic problems."
