Beijing, Aug 6(ANI): China on Saturday condemned the short-sighted political wrangling in the United States over its debt problems after the world's largest economy lost its top-tier AAA credit rating from New York-based financial services company Standard and Poor's.
"China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," China's official news agency, Xinhua, said in a commentary.
China also urged the US to apply "common sense" to "cure its addiction to debts" by cutting military and social welfare expenditure.
"The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua wrote.
It also called for a 'stable' global reserve currency to stop fresh rounds of financial turmoil.
"International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country," the commentary said.
Standard and Poor's cut the long-term US credit rating by one notch to AA-plus on concerns about the government's budget deficit and rising debt burden.
The move reflects the deterioration in the global economic standing of the US, which had an AAA credit rating from S andP since 1941. (ANI)
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