China urges quick U.S. action to address fiscal cliff

BEIJING: China Vice Finance Minister Zhu Guangyao demanded the U.S. government take "concrete steps" to resolve the fiscal cliff issue and prevent a treasury bond default, the latest warning from the biggest holder of such assets two days ahead of the debt ceiling deadline.

Zhu made the comments at a media briefing during an official meeting between the Chinese and British governments on Tuesday.

He also urged the U.S. side to take its due responsibility to uphold stability of international financial markets.

"In the long run, the United States must address the fiscal stalemate, must raise the cap of the debt limit soon as to keep the promise of no default of its Treasury bonds and keep the sound momentum of the U.S. economy and avoid dragging down the world economy," he said. - Reuters

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