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Sunday, February 22, 2009

US selling debts to China.

US turns to China to resolve econ crisis
Sun, 22 Feb 2009 08:01:17 GM | PressTV

Secretary of State Hilary Clinton says China's continued investment in US Treasury bonds is essential to finance the $787b stimulus plan.

"Because our economies are so intertwined the Chinese know that in order to start exporting again to its biggest market, the United States had to take some very drastic measures with this stimulus package," Clinton said at the US embassy shortly before leaving Beijing.

US President Barack Obama signed a record $787 billion bill on Tuesday with the aim of reviving the world's largest economy.

Clinton said China was making 'a very smart decision' by continuing to invest in US Treasuries, saying it would help the US economy moving again.


"By continuing to support American Treasury instruments the Chinese are recognizing our interconnection. We are truly going to rise or fall together," said Clinton, wrapping up her first overseas visit as secretary of state which also took her to Japan, Indonesia and South Korea.

China is the top holder of US Treasury bills, with $696.2 billion of such securities in December followed by Japan with $578.3 billion, according to the latest official data from Washington.

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