China tells US to make sure Beijing's investments are safe

AFP on Yahoo ^ | 12/3/08 | AFP

[NormsRevenge]

BEIJING (AFP) – China's top envoy to high-level economic talks with the United States urged Washington Thursday to make sure Chinese investments in the US economy were safe.

"We hope the US side will adopt every necessary measure to stabilise its economy and financial markets and ensure the safety of China's assets and investment in the United States," Vice Premier Wang Qishan said.

He made the remark in prepared comments at the start of two days of Sino-US economy talks in Beijing that he is co-chairing with US Treasury chief Henry Paulson.

At the end of September, China officially became the largest holder of US government bonds, owning 585 billion dollars' worth of Treasuries and overtaking Japan as Washington's top creditor.

China is spending a large part of its bulging trade surplus on buying US government debt, but criticism is emerging in Chinese academic and policy circles that this type of investment is not as safe as it used to be.

Wang also said China had adopted a series of policies to boost growth in China, referring to a recent four-trillion-yuan stimulus package earmarked especially for infrastructure spending.

"This is already a big contribution to the stable development of the world's finance and economy," he said.

He said the most pressing task China and the United States were currently facing was dealing with the global financial crisis.

[rbg81]

Well put.

[Boiling Pots]

Right, just like the current Administration did.

They are beholden to the Chinese and wealthy Arabs who own enormous amounts of US equities.

[Flash Bazbeaux]

“”We hope the US side will adopt every necessary measure to stabilise its economy and financial markets and ensure the safety of China’s assets and investment in the United States,” Vice Premier Wang Qishan said.”

TOP SECRET AND CONFIDENTIAL

Dear Vice Premier Wang:

First, I must solicit your strictest confidence in this transaction. This is by virtue of its nature as being utterly confidential and “Top Secret”.

As a top official of the Federal Government I have access to funds which can be used to insure China’s business investments. However, those funds are presently confined in the Central Bank of Niagara. In order to commence this business, we solicit your assistance to enable us to transfer into your account, the said trapped funds.

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We have identified a lot of inflated contract sums which are presently floating in the Bank of Niagara ready for payment, amongst which is the said sum of US$31,320,000 (Thirty One Million, Three-Hundred and Twenty Thousand United States Dollars) that we intend to transfer to a special account for saving Chinese investments in the US. We solicit your assistance for the transfer. As I am unable to manage the transfer all by myself by virtue of my position as a civil servants and member of the Cabinet, I have therefore been delegated as a matter of trust by my colleagues to solicit for an overseas partner into whose account we would transfer the said sum.

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1. 25% for the Account Owner (you)
2. 65% for the Fund to Insure Chinese Investments
3. 10% to be used in settling all expenses (our end and your end). Incidental to the realization of this transaction.

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Yours Faithfully,

Henry Paulsen