World
        

Asia

China holds eight percent of US debt-Locke

Updated: 2011-05-27 08:38

(Agencies)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

China holds eight percent of US debt-Locke

US Commerce Secretary Gary Locke prepares to testify to be an ambassador to China before the Senate Foreign Relations Committee on Capitol Hill in Washington May 26, 2011. [Photo/Agencies] 

WASHINGTON - China holds about 8 percent of US government debt, roughly a third of that held by foreign entities, while 70 percent is held US by domestic investors, US Commerce Secretary Gary Locke said on Thursday.

"China's hold or ownership is only 8 percent of our outstanding debt and in no way does China's position influence US foreign policy," Locke told a Senate Foreign Relations Committee confirmation hearing on his nomination to be the next US ambassador to China.

Locke, nominated by President Barack Obama in March, made his remarks during a confirmation hearing before the committee, which is expected to support Locke. The full Senate is then expected to confirm him.

If confirmed, Locke would become the first Chinese-American to serve in the critical post of US ambassador to China, where his parents were born.

He would replace John Huntsman, a former governor of Utah who may run for the 2012 Republican presidential nomination to face Obama, a Democrat.

China holds eight percent of US debt-Locke

 

E-paper

Tapping into the future

Foreign companies are investing in China's water industry as many predict a growing profit margin.

Headhunters ride on growth
Commercial property rides wave
Learning from the past

European Edition

Specials

Cuisine central

London's Chinatown is helping diners appreciate full palate of Chinese food

Tying the knot

Danish couple's high-end macrame export business takes off in the mountains of Yunnan.

Truly a super woman

Li Yuchun first came to prominence in 2005 as the Super Girl winner, and since then has become an international star.

Memory lanes
Great expectations
A diplomat of character