China Fears Over US Economy Rejected

First China harassed US ships international waters, and now it’s making fear-mongering comments about its US investments—what gives? The White House is having none of it: Responding to Chinese Premier Wen Jiabao's remark that China is "concerned about the safety of our assets" in US Treasury securities, press secretary Robert Gibbs said, "There's no safer investment in the world than in the United States." Larry Summers, Obama’s chief economic adviser, piled on, defending record US deficit spending: "If you don’t prime the pump and you allow the processes of decay and decline and de-leveraging to continue, it’s much more costly to do it later." China’s offensive underscores its fragile relationship with the US, as well as its "extraordinary role" in the US economy, the Wall Street Journal reports.