中美印负债断崖式差距：美国36万亿，印度160万亿，中国令人意外

Core Insights - The latest data reveals that the US external debt has reached a record high of $36 trillion, while India's external debt stands at 160 trillion rupees, equivalent to approximately $2.1 trillion [1][16]. - The article discusses the transformation of the US from a net creditor to the world's largest debtor, highlighting the underlying economic issues and fiscal mismanagement [7][9]. US External Debt Situation - As of May, the US external debt has surpassed its annual fiscal revenue, indicating a severe debt crisis exacerbated by economic downturns and internal fiscal deficits [7]. - The US Treasury reported that China has reduced its holdings of US Treasury bonds by $27.5 billion, dropping from the second to the third largest holder of US debt [3][4]. - The investment community perceives the reduction in US Treasury holdings by China as a negative signal, suggesting that US debt is becoming a high-risk investment [4][5]. China's External Debt Management - China's external debt ratio is significantly lower at 12.8%, well below the international average, attributed to effective macroeconomic management and a strong trade surplus [11]. - The country maintains a robust foreign exchange reserve of approximately $3 trillion, allowing it to cover its external debt comfortably [14][11]. - China's ability to manufacture most of its domestic needs contributes to its trade advantage, minimizing reliance on imports and enhancing its economic stability [13][11]. India's External Debt Context - India's external debt is relatively low at $2.1 trillion, primarily due to its service-oriented economy, which faces challenges in export competitiveness [16][18]. - The country has a foreign exchange reserve of only $400 billion, limiting its capacity to purchase US Treasury bonds [18][16]. - Recent increases in India's external debt are linked to domestic economic development investments rather than improvements in trade balance [22][20].