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Chinese Premier Wen Jiabao's comments on Friday were blunt and pointed. In effect, the U.S. Treasury and the Federal Reserve absolutely must assure China on the safety of its investment in the United States. If we read between the lines, Mr. Wen told the U.S. that it must shore up its financial mess and that China will not stand for any more uncertainty in the U.S. banking sector.
The Chinese government is the largest holder of U.S. public debt. Officials in China are becoming increasingly concerned about the sharp increase in U.S. government spending. They worry it will lead to inflation and the collapse of the U.S. dollar.
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