Biden: China's rise doesn't mean America's demise

Updated: 2011-09-13 10:06


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China's rise doesn't spell America's demise and a successful China can make US more prosperous, according to US Vice President Joe Biden in an opinion piece in the New York Times on Sept 7, 2011.

Biden acknowledged that Americans are concerned about what a growing China means for America and the world, but rejected the view that China's growth poses a threat. "I remain convinced that a successful China can make our country more prosperous, not less," he wrote.

Actually, he argued, China and the US will have a stake in each other's success as trade and investment bind the two countries together. They also share "common challenges and responsibilities"— and have incentives to work together, on issues "from global security to global economic growth".

"We often focus on Chinese exports to America, but last year American companies exported more than $100 billion worth of good and services to China, supporting hundreds of thousands of jobs last year," he said. In fact, US exports to China were growing faster than to any other country, he added.

Biden said the Chinese leaders he met with understand that their economy has to shift from being driven by exports, investments and heavy industry to one driven more by consumption and services. "As Americans save more and Chinese buy more, this transition will accelerate, opening opportunities for us," he said.

Biden also sought to allay concerns about US indebtedness to China, saying "the truth is Americans own America's debt. China holds just eight percent of outstanding Treasury securities. By comparison Americans hold nearly 70 percent."

America, he said, is better positioned than China to compete in the 21st century because of the strengths of its innovation, free market economy and rule of law. Innovation has enabled each generation of Americans "to give life to world-changing ideas — from the cotton gin to the airplane, the microchip, the Internet."