China slams U.S. debt situation in fierce editorial

McClatchy reports:

China, the largest foreign holder of U.S. debt, issued a scathing condemnation of American economic practices on Saturday, saying that "mounting debts and ridiculous political wrestling in Washington have damaged America's image abroad."

Following the decision by the Standard & Poor's rating agency to downgrade the United States' credit rating a notch from AAA on Friday evening, the editorial in China's official Xinhua newswire warned that Beijing "has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets."