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Clinton says US and China are in the same economic boat

(Agencies)
Updated: 2009-02-22 18:53

China and the United States are both dependent on a revival of the US economy and will rise or fall together, US Secretary of State Hillary Clinton said during a visit to Beijing on Sunday.

US Secretary of State Hillary Clinton (L) arrives to a meeting with Chinese President Hu Jintao in the Great Hall of the People in Beijing February 21, 2009. [Agencies]

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"It would not be in China's interest if we were unable to get our economy moving again," Clinton said in an interview to Shanghai-based Dragon TV shortly before leaving China.

"So by continuing to support American treasury instruments, the Chinese are recognizing our interconnection. We are truly going to rise or fall together. We are in the same boat and thankfully we are rowing in the same direction."

China is the world's biggest holder of US treasuries and Clinton said continuing to invest in them was "a very smart decision" for two reasons.

"First, because it's a good investment, it's a safe investment. Even despite the economic challenges sweeping over the world, the United States has a well-deserved financial stability reputation.

"And secondly, because our economies are so intertwined the Chinese know that in order to start exporting again to its biggest market, namely the United States, the United States has to take some very drastic measures with this stimulus package, which means we have to incur more debt."

US President Barack Obama and Chinese President Hu Jintao are expected to meet on the sidelines of the G20 summit in London in April.

Clinton said the two countries planned to establish a joint strategic and economic dialogue in which she and Treasury Secretary Timothy Geithner would participate, although she provided no details.