Wednesday, August 10, 2011

China warns against US military spending

A US jet fighter used in the intervention in Libya

Source: Press TV

China has lashed out at the United States for military intervention in other countries, saying such acts can endanger the US economy.

Beijing warned Washington that military meddling abroad could also “seriously impede stable development of the global economy,” the British daily newspaper Morning Star reported, citing a commentary issued by China's state-run Xinhua news agency.

China currently owns more than $1 trillion of the US Treasury bonds which finance Washington's spending and the US government debt crisis has put China in hot water.

Last month, a Chinese top general Chen Bingde connected the US financial concerns to its military budget.

The US House of Representatives approved a 649-billion-dollar military spending bill for the 2011 fiscal year on July 9. The approved bill excludes funds for US nuclear programs or military construction which will add another $33 billion in later bills.

China has urged the US to change its policies of interference and domineering actions which are dragging down its economy.

"Now is the right time for the US, trapped in economic hardship, to reflect on its domineering thinking and deeds," Chinese state media Xinhua said.

The US has increased its military spending by 81 percent since 2001, according to the Stockholm International Peace Research Institute.

US Rep. Barney Frank, a senior Democrat on the House Financial Services Committee, confirmed on Monday that military spending in the “biggest reason” for the US credit rating downgrade.

Standard & Poor credit agency has lowered the rating of the US government to AA+ from AAA.

China has repeatedly criticized the US over the debt crisis. Officials in Beijing say a failure by Washington to control the astronomical debt could put the lives of millions of families within and beyond the US borders in danger.

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