China tells U.S. to fix its debt crisis

The U.S.'s largest foreign creditor has told it to avoid a debt crisis for the sake of the world economy. Zhu Guangyao, China's vice finance minister, said his country was "concerned about developments in the U.S. fiscal cliff" and called for the U.S. to "earnestly take steps to resolve the issue", a reasonably strong exhortation in the Chinese lexicon. China holds $1.3 trillion of U.S. Treasuries.