Leading U.S. financial services executives urged China's premier at a luncheon Tuesday to clarify policies on foreign lending and investments. Zhu Rongji was peppered with questions about the Chinese government's stance on loan guarantees during the closed-door meeting in New York. The event, hosted by the American Bankers Association, drew 21 senior U.S. banking, securities, and insurance industry executives.

Several Chinese private investment corporations have gone bankrupt in recent months amid confusion over whether the government had guaranteed tens of billions of dollars in loans.

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