Biden: US-China relations crucial to economic stability

Vice President Joe Biden is visiting China at the bequest of his Chinese counterpart, who is likely to be the next leader of China, in an effort to underscore the importance of the relationship in securing economic stability for the world. China currently holds over $1 trillion of U.S. Government Debt and has recently voiced its concerns about the United States ability to pay its debts, do to the political battle that occurred in Washington over the raising of the U.S. Debt Ceiling. Domestically, the Chinese Government has taken some criticism for purchasing so many U.S. Treasuries and the meeting was designed to underscore that the two governments are working together to deal with the problems facing the global economy. The main topics of conversation, according to Chinese state run media, will be the value of China's currency and the U.S. Government Debt situation. The move was initiated by the Obama Administration to maintain close ties to China's next generation of leaders.