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Biden Tells China Cooperation Key For Global Economy

U.S. Vice President Joe Biden
U.S. Vice President Joe Biden has told the man expected to become China's next leader that global economic health rests on the United States and China finding common ground.

Biden is in Beijing on August 18 holding talks with Vice President Xi Jinping who is widely expected to be named next year as the successor to President Hu Jintao.

Chinese state media quoted Xi as saying the United States and China have "ever more extensive common interests and shoulder ever more important responsibilities."

China is the biggest foreign holder of U.S. debt and has expressed alarm as the U.S. earlier this month came close to default and a ratings agency downgraded the U.S. credit rating.

U.S. officials have said Biden planned to outline U.S. plans for deficit reduction in a bid to ease Chinese concerns.

U.S. officials said Biden also plans to urge to China to focus on its own economic reforms, such as letting its currency increase in value and shifting to an economy less based on exports.

Apparently, he is also set to call on China to do more to guarantee human rights for its citizens.

compiled from agency reports