“救”美国一把？中国买美债的背后逻辑，真不是你想的那样

Core Viewpoint - The statement by a U.S. official regarding China's holding of U.S. Treasury bonds reflects a misunderstanding of the complex economic relationship between the two countries, where China's investment is driven by self-interest rather than altruism [1][5]. Group 1: Historical Context - In the aftermath of the 2008 financial crisis, the U.S. sought China's assistance to purchase Treasury bonds to stabilize its economy, indicating that the relationship was more about U.S. needs than Chinese goodwill [1][3]. - China's holdings of U.S. Treasury bonds peaked at $1.3 trillion and have since decreased to $759 billion, yet it still made a net purchase of $23.5 billion this year, highlighting the ongoing economic motivations behind these decisions [3]. Group 2: Current Dynamics - The reduction in China's Treasury holdings does not equate to a desire to decouple from the U.S. economy; rather, it reflects a strategic choice to invest in high-yield, liquid assets amidst a lack of better alternatives [3][5]. - The potential consequences of a large-scale sell-off of U.S. Treasury bonds would be detrimental to both the U.S. and global economies, illustrating the interconnectedness of the two nations [3][5]. Group 3: Economic Strategies - China's efforts to internationalize the renminbi and strengthen regional economic cooperation indicate a long-term strategy to reduce reliance on the U.S. dollar, although complete detachment is not feasible in the short term [5][7]. - The ongoing U.S.-China relationship is characterized by a mix of admiration and anxiety, with the U.S. feeling threatened by China's economic rise while simultaneously relying on its financial support [5][7]. Group 4: Future Outlook - The discourse surrounding U.S. Treasury bonds serves as a microcosm of the broader U.S.-China rivalry, where both nations must reflect on their respective economic strategies to navigate future challenges [7].