Biden to Defend Obamanomics in China
The People’s Daily, the official newspaper of China’s ruling Communist Party, spelled out Beijing’s chief concerns ahead of Biden’s arrival in Beijing on Wednesday evening local time, when he was greeted by senior Chinese diplomats. China wants Biden to reinforce U.S. assurances that its holdings of dollar assets and U.S. Treasury debt remain safe, despite Standard & Poor’s recent downgrade of the sovereign credit rating of the United States, the paper indicated. Since the Standard & Poor’s ratings downgrade in August, Chinese state media have accused Washington of reckless fiscal policies that have created uncertainty about Beijing’s big holdings of … Read more