The People's Daily, the official organ of the Chinese Communist Party, holds the United States and Europe responsible for the lack of economic recovery. According to the newspaper, Americans and Europeans would refuse to take responsibility for the sovereign debt crisis. “If rich countries, including the United States and Europe, refuse to assume their responsibilities, this will have serious consequences on the stability of the development of the global economy. Western states must take the courage to break the bonds that bind their policies and strengthen coordination with developing countries”, states an editorial in the People's Daily. China is the main creditor of the United States and has judged negatively the agreement signed in Washington on raising the debt ceiling. Beijing believes that the United States has long been living beyond its means. The Chinese Central Bank has also communicated that it will continue to diversify its investments in foreign currencies due to the threats that still penalize the dollar. On August 17, Joe Biden, vice president of the United States, will go on an official visit to China as part of an Asian mission that will also take him to Japan and Mongolia.
http://blogs.ft.com/beyond-brics/2011/08/08/china-and-us-debt-a-sanctimonious-drug-dealer/#axzz1URacoLQY
http://business.blogs.cnn.com/2011/08/08/a-wake-up-call-for-the-u-s-and-china/
