US will never default on debt: Biden

CHENGDU: US Vice President Joe Biden said Sunday that the world's biggest economy has never defaulted on its debt and never would, during a visit aimed at boosting Chinese confidence in the US economy.

"The United States has never defaulted and never will," Biden told hundreds of university students in the southwestern boom town of Chengdu on the final day of a charm offensive in China.

China is the largest foreign holder of US debt, and Biden has used his first official visit to the country since becoming vice president to reassure its leaders their massive investment remains safe after the US narrowly avoided a catastrophic default earlier this month.

Biden told students at Sichuan University that the United States remained the "single best bet" for investment -- despite the historic downgrade of the country's top-notch credit rating by Standard & Poor's.