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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: US assures China over bond investments AFP - Saturday, March 14 WASHINGTON (AFP) - - President Barack Obama's aides scrambled to assure China that its hundreds of billions of dollars in US bonds were safe, after Premier Wen Jiabao expressed concerns about "the safety" of its investments. ADVERTISEMENT "There's no safer investment in the world than in the United States," said White House spokesman Robert Gibbs, underlining Obama's bid to strive for "fiscal sustainability" and slash the ballooning budget deficit. Lawrence Summers, director of the White House's National Economic Council, echoed Obama's "commitment" that the United States would "be sound stewards of the money we invest." China held 727.4 billion dollars in US Treasury bonds at the end of last year, just ahead of Japan, the holder of 626 billion dollars in bonds, according to US government data. In a rare expression of concern over Beijing's mega bond investments, Wen called on US economic planners to safeguard Chinese assets. "We have lent huge amounts of money to the United States. Of course we are concerned about the safety of our assets," Wen told reporters in Beijing. "To be honest, I am a little bit worried and I would like to ... call on the United States to honor its word and remain a credible nation and ensure the safety of Chinese assets." As the largest creditor to the United States, China is "extremely interested in developments in the US economy," he said. Analysts say a loss of confidence in US Treasury securities could cause a dramatic drop in the dollar and force Washington to pay higher interest rates. Scott Brown, chief economist at Raymond James & Associates, pointed out that any Chinese effort to sharply reduce US Treasury holdings would only hurt Beijing. "There is no incentive for the Chinese to dump their Treasuries," he said. Most of China's foreign exchange reserves, which reached 1.95 trillion dollars by the end of 2008, is believed to be held in the greenback. Summers, reacting to the Chinese premier's concern at a forum at the Brookings Institution in Washington, cited the prolonged recession in the United States and said all resources available had to be utilized to stimulate economic growth. While the United States had to borrow at an "admirably high scale" now to make up for the loss of revenue due to the recession, "it does mean that your debts can't be rising relative to your incomes" when the economy begins to expand, he said. He assured that the Obama administration would move to "getting the budget deficit, getting national finances on a sustainable basis as the economy expands." Gibbs said US leaders could give "further reassurance" on foreign investments by demonstrating "their commitment to spending money wisely." They could also display a resolve "to stop borrowing more of it in the future by putting us on that path to fiscal sustainability through passage of the president's budget to cut the deficit in half." Obama rolled out an audacious 3.55-trillion-dollar budget proposal last month that bristles with economic reforms and spending on healthcare, climate change and education. The budget forecasts a 1.750 trillion dollar deficit in fiscal 2009, but foresees that figure falling to 1.171 trillion dollars in 2010. The Chinese reportedly are concerned about the enormous amount of borrowed money, including Obama's nearly 800-billion-dollar stimulus, being used to boost US growth. Concerns are flaring in China that the huge US stimulus plan could hurt dollar-denominated assets, with some observers urging China to cut US Treasury holdings, the official Xinhua news agency said last month. "To rescue the ailing US economy by increasing government borrowing will create a record-high federal deficit," the official Chinese agency said, quoting Yu Zuyao, an economist with a top government think tank. China's forex reserves, largely invested in US treasury bonds and other dollar-denominated assets, could be exposed to significant risks, Yu said. Critics have charged that, as a developing country, China should be investing its cash at home instead of subsidizing the world's richest country, or else diversifying into other foreign assets. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Buyers sue Trump over failed Mexico condo projectAP - Saturday, March 14 Japan to lend $5 bln for green development -NikkeiReuters - Saturday, March 14 G20 discuss credit crunch fight, deny splitAFP - Saturday, March 14 US-BUSINESS SummaryReuters - Saturday, March 14 U.S. energy chief urges OPEC to spare world economyReuters - Saturday, March 14 Most Popular – Business Viewed For sale: nagging wife, very high maintenance VW reveals race to overtake GM, Toyota World Bank warns of "very dangerous" year ahead Space junk sparks crew scare on ISS Chimp used planning skills to attack humans View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. 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