From Times Online
March 13, 2009

Chinese Premier concerned about assets in US



Wen Jiabao was speaking at his annual news conference

Jane Macartney in Beijing

The Chinese Premier admitted this morning that his goal of 8 per cent growth for the world’s third-largest economy would be tough to meet this year, but he had more weapons in his armoury if need be to ensure Beijing reaches that target.

Speaking at his annual news conference after the end of the session of the National People’s Congress, China’s ceremonial parliament, Wen Jiabao reminded the United States of its responsibilities in easing the global financial crisis – and of its indebtedness to his country, which now owns the bulk of US Treasuries.

"I would like … to once again request America to maintain its trustworthiness, keep its promise and guarantee the safety of Chinese assets," he said.

Grim-faced throughout most of the two-and-a-half-hour question-and-answer session, the Premier focused almost entirely on how China was coping with the global economic downturn and stressed the need for a renewal of confidence as a prerequisite for a revival of the economy. Confidence, as in his annual work report at the opening of parliament last week, was a watchword.

Holding the growth rate above his goal of 8 per cent – a number that a year ago looked conservative after five years of double-digit growth – would be a challenge.

“I believe that there is indeed some difficulty in reaching this goal. But with effort it is possible.â€