Chinese VP says U.S. economy will improve

Chinese Vice President Xi Jinping said Friday that he believes the U.S. economy will improve by addressing current challenges. "The U.S. economy has always been resilient and capable of repairing itself," Xi said as he joined visiting U.S. Vice President Joe Biden in attending the China-U.S. Business Dialogue, which was held in Beijing on Friday. Xi told the businessmen at the dialogue that the visiting U.S. vice president briefed him on Thursday on the U.S. government's measures to boost its economy and increase employment. Biden's six-day official visit to China comes on the heels of an unprecedented downgrade of the United States' credit rating earlier this month, which created global uncertainty about the safety of dollar assets. China remains the largest foreign holder of U.S. debt, with about 1.16 trillion U.S. dollars in U.S. Treasury securities. "We believe that the U.S. economy will move for the better by addressing these challenges," Xi said. "I hope that Chinese and U.S. entrepreneurs will judge the situation appropriately, remain confident and turn challenges into opportunities," Xi said, urging the businessmen to "make contributions to facilitate the sustainable and balanced development of the Chinese and U.S. economies, as well as the global economy." Senior executives from prestigious Chinese and American companies, such as the China Ocean Shipping (Group) Company, the Bank of China, Lenovo, General Motors and J.P. Morgan, attended the dialogue.