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U.S. ambassador allays China fears

Sunday, August 14, 2011 - 01:33

Aug.14 - New U.S. ambassador Gary Locke plays down China's fears over Beijing dollar assets. Simon Hanna report

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U.S. and Chinese children eat together at an American restaurant in Beijing. The youngsters are learning how to make some popular American dishes. The event, staged by the U.S. embassy, is a display of cooperation between the world's two biggest economies. It comes as Washington's new ambassador to China starts work. Gary Locke, the first Chinese American to hold the post, told reporters that China should be confident in the state of the U.S. economy. Beijing has invested about 2 billion dollars of its foreign exchange reserves in U.S dollars. Locke said investment in the U.S. is safe. (SOUNDBITE) (English) U.S. AMBASSADOR TO CHINA GARY LOCKE: "The President and the congress have joined together on a path ensuring fiscal integrity of the United States of America. And we note that over the last several days more people are buying U.S treasury, so it is a clear indication that investment in the United States is safe and secure, and that the economy, while having its challenges, is still strong. And that the investment in the United States is to be promoted." Locke's arrival in Beijing precedes a visit by Joe Biden who will be in China next Wednesday. The U.S. Vice President is expected to discuss a variety of issues, from debt to weapons sales to Taiwan. Simon Hanna, Reuters.

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U.S. ambassador allays China fears

Sunday, August 14, 2011 - 01:33