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Clinton reassures China

Monday, July 25, 2011 - 01:31

July 25 - Hillary Clinton tells Chinese investors not to worry about U.S. debt woes. Julie Noce, reports.

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US Secretary of State Hillary Clinton told a group of Asian investors not to worry about America's debt problems. Clinton made the remarks during a speech to business leaders in Hong Kong Monday, even as U.S. lawmakers continue negotiations to raise the debt ceiling and head off a potential world economic disaster. (SOUNDBITE) (English) UNITED STATES SECRETARY OF STATE HILLARY CLINTON, SAYING: "As I have travelled around the region, a lot of people have asked me how the United States is going to resolve our debt ceiling challenge. Well, let me assure you, we understand the stakes. We understand how important this is to us, and how important it is to you. The political wrangling in Washington is intense right now but these debates have been a constant in our political life throughout the history of our republic." Clinton also discussed the need for Asian countries to build up domestic demand... and although not directly targeting China, but her message was clearly intended for Beijing. (SOUNDBITE) (English) UNITED STATES SECRETARY OF STATE HILLARY CLINTON, SAYING: "We in the United States are in the middle of a necessary transition. We must save more and spend less, and we must not only save more and spend less, we must borrow less as well. Our partners must meet this change with changes of their own. There is no way around it: long-term growth requires stronger and broader-based domestic demand in today's high-saving Asian economies. Earlier, Clinton met with Hong Kong's Chief Exwecutive Donald Tsang. Later she will head to the southern Chinese economic boomtown of Shenzhen. Julie Noce, Reuters

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Clinton reassures China

Monday, July 25, 2011 - 01:31