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From: White House Press Office <noreply@messages.whitehouse.gov>
To: Owens, Missy
Sent: Fri Aug 19 05:13:42 2011
Subject: FW: VP Pool 8/19 #3: Wen bilat


From: Memoli, Michael [mailto:michael.memoli@latimes.com]
Sent: Friday, August 19, 2011 5:09 AM
To: Dudley, Amy
Subject: VP Pool 8/19 #3: Wen bilat

VPOTUS meets with Chinese Premier Wen Jiabao at Ziguangge, Zhongnanhai, the Leadership Compound. A more stern discussion from Chinese leader of the U.S. debt. Biden says China has "nothing to worry about" with regard to U.S. Treasuries.

Locale: The specific building where the meeting took place is the Purple Light Pavillion. Originally built in the Ming Dynasty over 400 years ago, it was rebuilt in the Qing Dynasty over 200 years by Emperor Qian Long.

Chinese officials said the premier and vice premier use the location for meetings with important guests.

VPOTUS arrived shortly after 3pm local time, first shaking hands with Wen and then taking his seat as Wen greeted others in the delegation.

Apologies in advance for the broad strokes. Chinese officials once again forced reporters out before the conclusion of Biden's remarks.

Direct quotes verified using the audio from WH steno. But please check against final transcript.

Remarks: Wen spoke first, noting that he and Biden were born in the same year, have both served in government for a similar span, and that he, like Biden, is a big sports fan.

Wen moved on to the U.S. debt crisis, which Biden played a "vital" role in. China has "full confidence that the United States will overcome" its difficulties. Stability of the U.S. is in the interests of the world.

Wen thanked Biden for sending a very strong message that the U.S.-China relationship was important not just for the two countries but for the whole world.

"It's particularly important," Wen said, "that you've sent a very clear message to the Chinese public, that the United States will keep its word and its obligations with regard to its government debt. It will preserve the safety, liquidity and value of U.S. treasuries. I'm sure that will give a boost to the investors' confidence in the U.S. economy."

Wen said they would use the meeting to focus on the economy.

Biden began by talking about the "magnificent place" where they were meeting.

Even though they were born in the same year, "Now I know why you look so much younger. You work in a much more commodious environment than I do."

Wen interjected to say that after their meeting he hoped to take Biden on a walk around the scenic compound. Biden said he would be delighted to, if he would write a note to President Hu explaining why he would be late.

"As vice president I'm used to accommodating presidents," Biden said.

He said as he did earlier in the day that he had absolute confidence in the U.S. economy, and was anxious to talk about it.

"U.S. Treasuries -- we're going to take care of very closely, not merely because China owns 8% of them, but because the Americans own 85% of them.

"We appreciate and welcome your concluding that the United States is such a safe haven, and we appreciate your investment in U.S. Treasuries. And very sincerely, I want to make clear that you have nothing to worry about."

At this point pool was exiting the room. Again, please check against final transcript.

Some more clarity about the access: Chinese officials are attempting limit our coverage of these meetings to a very specific time frame. To them it makes no difference if the leaders continue to talk beyond that span. In their view, we must leave when the time runs up. VP staff has been doing their best to keep as in as long as possible.

We were told by an official from the Ministry of Foreign Affairs that for the Hu meeting, we would be allowed in for a grand total of 5 minutes, including consecutive translations.

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Michael Memoli
Tribune Washington Bureau
mmemoli@tribune.com
202-374-6505

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