Xi, Biden talk business issues in Beijing

Vice-President Xi Jinping (R) speaks next to US Vice-President Joe Biden during a discussion with US and Chinese business leaders at Beijing Hotel in Beijing August 19, 2011. China and the United States "have a responsibility to strengthen macro-economic policy coordination and together boost market confidence," Xi told visiting Biden on Thursday. [Photo/Agencies]

BEIJING - Chinese Vice President Xi Jinping said Friday that he believes the US economy will improve by addressing current challenges.

"The US economy has always been resilient and capable of repairing itself," Xi said as he joined visiting US Vice President Joe Biden in attending the China-US Business Dialogue, which was held in Beijing on Friday.

Xi told the businessmen at the dialogue that the visiting US vice president briefed him on Thursday on the US government's measures to boost its economy and increase employment.

Biden's six-day official visit to China comes on the heels of an unprecedented downgrade of the United States' credit rating earlier this month, which created global uncertainty about the safety of dollar assets.

China remains the largest foreign holder of US debt, with about 1.16 trillion US dollars in US Treasury securities.

"We believe that the US economy will move for the better by addressing these challenges," Xi said.

"I hope that Chinese and US entrepreneurs will judge the situation appropriately, remain confident and turn challenges into opportunities," Xi said, urging the businessmen to "make contributions to facilitate the sustainable and balanced development of the Chinese and US economies, as well as the global economy."

Senior executives from prestigious Chinese and American companies, such as the China Ocean Shipping (Group) Company, the Bank of China, Lenovo, General Motors and J.P. Morgan, attended the dialogue.

US Vice-President Joe Biden listens to a speech by Vice-President Xi Jinping (not pictured) at a China-US Business Dialogue in the Beijing Hotel in Beijing August 19, 2011. [Photo/Agencies]