The US economy is currently experiencing its worth financial crisis since the Great Depressions. According to my research, in the Mid-October, the United States will only have $30 billion cash on hand. the United States would not make all of its payments unless Congress raises the debt ceiling. However, “Republican House Speaker John Boehner vowed on Sunday not to raise the US debt ceiling without a “serious conversation” about what is driving the debt.”

Boehner also asserted that US is on the path to default if Obama won’t negotiate. At the same time, “Democrats said it was irresponsible and reckless to raise the possibility of a US default.”Republicans and Democrats blame each other for the financial crisis. If these two parties don’t reach an agreement in a short time, the US’s credit is at risk, which may result in severe consequences, even worse than 2008 economic crisis. It is better for both Republicans and Democrats cooperate together, and solve the crisis at first. After all, they are not willing to see US to lose its international leading position.

http://usa.chinadaily.com.cn/world/2013-10/07/content_17011738.htm

It is reported that heads of APEC members, chief executive officers (CEOs) from all over the world started meeting in Nusa Dua Bali of Indonesia on Sunday. According to Wisnu Wardhana, chairman of the summit, over 1,200 CEOs and 10 head of members took part in the APEC CEO Summit. Due to the absence of American President Obama, Chinese President Xi Jinping undoubtedly became the centre of attraction because everyone is curious about whether the new president would bring new phenomenon to China.

In Monday, Chinese President Xi Jinping said that his country will deepen reform and opening-up in all respects, as Chinese economy has entered a new stage of development. Xi was showing a huge confidence about the future of Chinese economy. Xi not only puts emphasis on exploring domestic developments, but also he devotes to seeking further cooperations with other Asian countries. With the steady improvement of China’s economy development, China seems to gradually replace US to become the leader of in Asia. At the same time, US is suffering both internal and external problems. It is worth for US thinking about how to stabilize its leading position in Asia.

http://europe.chinadaily.com.cn/business/2013-10/06/content_17011198.htm