US Vice President Joe Biden deliver speech on US Asia-Pacific policy; calls US-China relations is a healthy mix of competition and cooperation; Biden: Asia-Pacific rebalancing policy of the United States was prompted both by economic and security consider
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    • (JULY 15-21)

    According to reports, US Vice President Joe Biden in a speech on July 18 at George Washington University in Washington, D.C. has said that United States' relationship with China is a healthy mix of competition and cooperation and America does not view it in terms of any conflict. "We do not view our relationship and future relations with China in terms of conflict or the talk of inevitable conflict," Biden. "We view it in terms of a healthy mix of competition and cooperation, a competition that we welcome. We like to compete. Competition is good for both of us, as long as the game is fair," he noted. Biden said that to reverse its declining growth, China would have to make reforms which will not only help the largest Asian economy but also the region and the world. "They've concluded they have to create a market-based, well- regulated financial system. They have concluded they need to liberalise their exchange rates," he added. 1

    Further, Biden in his remarks, also noted that the Asia-Pacific rebalancing policy of the United States was prompted both by economic and security considerations. In economic terms, the Asia-Pacific region, stretching from India to the Pacific nations of the Americas, "is home to a middle class of about a billion people," with some nations boasting of fastest growth rates. He said these emerging markets will shape the character of the entire global economy. "So we reached out," Biden said. "We reached out to deepen economic ties and promote open markets and a rule-based competition for the 21st century." In terms of security, Biden said in the Asia-Pacific, the United States saw both a region of remarkable promise as well as genuine uncertainty and political risk. He said the rapid economic transformation many of the nations have experienced has also created a new dynamic of rising ambitions and rising tensions. 2

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