BEIJING, Sept. 22 (Xinhua) -- Chinese President Hu
Jintao and his U.S. counterpart George W. Bush discussed bilateral relations and
the financial upheavals in the United States in a phone conversation on Monday
morning Beijing time.
Bush congratulated Hu on China's successful hosting
of the Beijing Olympic and Paralympic Games and thanked China for its
hospitality toward him when he was in Beijing to attend the Olympics. Hu
appreciated the U.S. government and people's support for the Games.
Bush briefed Hu on the latest development of the U.S.
financial market, saying his government was well aware of the scope of the
problem, and had taken and would continue to take necessary measures to
stabilize the domestic and world financial markets.
Hu hoped the measures would soon take effect and lead
to a gradual recovery of the financial market, which he said not only serves the
interests of the United States, but also those of China, and benefits the
stability of the world financial market and the sound development of the world
The Chinese president also praised the good momentum
of the development of the Sino-U.S. ties in recent years in various areas.
He said China is ready to work with the U.S. side to
intensify dialogue, exchanges and cooperation, and properly handle issues
concerning mutual interests and of major concern, particularly the Taiwan
question, in a bid to push forward the sustained and steady development of the
Sino-U.S. constructive and cooperative ties.
WASHINGTON, Sept. 20
(Xinhua) -- The Bush administration is planning to buy 700 billion dollars of
bad debt from financial institutions in efforts to deal with the financial
The plan, part of the government's largest financial
bailout since the Great Depression, would give the administration broad power to
buy the bad debt of any U.S. financial institutions for the next two years,
according to Saturday's news reports. Full