Recession Woes

China Worried about U.S. Holdings

U.S. markets have been rising for the past few days, but Chinese Prime Minister Wen Jiabao is throwing some water on them: According to The New York Times, he “expressed unusually blunt concern on Friday about the safety of China’s $1 trillion investment in American government debt, the world’s largest such holding, and urged the Obama administration to provide assurances that the securities would maintain their value in the face of a global financial crisis.” In his comments, Wen said, “Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.”