Minister: China wants to invest in US roads, rails

By the Associated Press | December 2, 2011 | 8:25 AM EST

BEIJING (AP) — China's commerce minister says his government wants to convert some of its huge holdings of U.S. government debt into investment in American roads and railways.

Chen Deming told a business group Friday his government wants to expand commercial and investment cooperation with the United States in infrastructure, clean energy and and technology industries.

Chen cited infrastructure in particular, saying he was very impressed with U.S. subways and roads when he visited the country 20 years ago but systems in many cities need to be renovatd.

He said China was willing to turn debt holdings into investments, "hoping to create jobs for the United States."