It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
First published February 3rd 2014
China's Vice Minister of Finance Zhu Guangyao, seen here at the G20 summit, is warning the U.S. a default on its debt would imperil the global economy.
A top Chinese official chided Washington on Monday about the government shutdown and the debt-ceiling impasse, fretting that the political gridlock could leave the economy of America's top foreign creditor in a jam.
Vice Finance Minister Zhu Guangyao told reporters that he understands the White House is working to resolve the double-edged crisis, but expressed impatience with the lack of progress.
"We have to see that the clock is ticking," Zhu said, according to Agence France Presse.
"The executive branch of the U.S. government has to take decisive and credible steps to avoid a default on its Treasury bonds," he said.
China holds $1.2 trillion in U.S. Treasury bonds, more than any other country. It also wants to protect its U.S. investments — $54 billion last year alone, according to one estimate.
Meanwhile other world leaders Monday were also voicing concern over America's internal strife.
At the Asia Pacific Economic Cooperation meeting in Indonesia on Monday, some present took on the issue of the U.S. government shutdown — and President Barack Obama’s absence at the summit.
Russian President Vladimir Putin said Obama was justified to skip the event given the issues he faces domestically.
“We see what is happening in U.S. domestic politics and this is not an easy situation,” Putin said, adding, “If I was in his situation, I would not come, either.”
But others were not as gracious. Malaysian Prime Minister Najib Razak said Obama had missed “a golden opportunity” to show regional leadership by skipping the summit.
Standing in for Obama, Secretary of State John Kerry tried to reassure APEC members of the United States’ commitment in the region.
“There is nothing that will shake the commitment of the U.S for the re-balance to Asia which President Obama is leading,” he said.
And at a separate conference in London, South Africa's finance minister said financial markets are getting nervous about the budget deadlock in Washington.
"This is clearly an issue that might go to the brink. All of us need nerves of steel at this point," Pravin Gordhan told Reuters. "We need to anticipate the worst and hope that we all have sufficient defenses in place."
Reuters contributed to this report.