中美日最新负债公布，美国40万亿，日本9.2万亿，中国呢？

Core Viewpoint - The international bond market is facing significant turmoil, particularly with the ongoing issues surrounding U.S. debt, as major economies like China, the U.S., and Japan grapple with rising debt levels and associated risks [1][4][35]. Group 1: U.S. Debt Situation - China has significantly reduced its holdings of U.S. Treasury bonds, now holding approximately $750 billion, nearly half of its peak [1]. - The U.S. government debt has reached over $30 trillion, with interest payments skyrocketing to over $1.1 trillion, leading to unsustainable fiscal pressures [8][35]. - The U.S. debt-to-GDP ratio is concerning, with a significant portion of government spending now allocated to interest payments, raising fears of a potential debt crisis [8][21]. Group 2: Credit Rating and Market Demand - The U.S. has seen multiple downgrades in its sovereign credit rating due to political gridlock and rising debt levels, which has diminished investor confidence [10][11]. - A recent auction of U.S. debt saw $72 billion go unsold, indicating a lack of demand for U.S. Treasury bonds [11]. - The Federal Reserve has stepped in to purchase over $40 billion in U.S. debt in May alone, highlighting the imbalance between supply and demand in the bond market [12][13]. Group 3: Japan's Debt Challenges - Japan's debt stands at approximately 1,323 trillion yen (around $9.2 trillion), which is 219% of its GDP, raising significant market concerns [24][35]. - The Bank of Japan has been actively purchasing government bonds to stabilize prices, but this approach is unsustainable in the long term [26][30]. - Japan faces a lack of investment attractiveness due to low bond yields and high credit risk, leading to a potential sell-off in its bond market [29][30]. Group 4: China's Debt Management - China's total debt is approximately 88.1 trillion yuan (around $12.3 trillion), with a debt-to-GDP ratio of 65%, which is relatively lower compared to the U.S. and Japan [35][40]. - The Chinese government has been proactive in managing its debt, reducing interest rates to alleviate the burden on borrowers and stimulate economic growth [41]. - Despite challenges such as hidden local government debts, China's economic resilience and growth potential provide a more favorable outlook compared to the U.S. and Japan [41][43].