中方连抛500亿美债，美政府正式关门，金灿荣坦言：中国王牌奏效

Core Viewpoint - The recent reduction of U.S. Treasury holdings by China, amounting to $50 billion in just seven months, coincides with the U.S. government's budgetary struggles, highlighting a strategic shift in China's investment approach amidst rising U.S. fiscal instability [1][3][11]. Group 1: China's Strategic Shift - China's decision to reduce U.S. Treasury holdings is a calculated move to mitigate risks associated with the U.S. fiscal crisis and inflation, reflecting a broader trend of diversifying foreign exchange reserves [3][4]. - The reduction is not a sign of a complete severance of U.S.-China relations but rather a cautious response to the current economic landscape, where U.S. financial instability poses risks to Chinese investments [4][15]. - China's previous strategy of accumulating U.S. debt was based on the stability of the dollar and the U.S. economy, which has now changed due to increasing fiscal challenges in the U.S. [4][6]. Group 2: U.S. Fiscal Challenges - The U.S. government faces recurring budgetary impasses, leading to shutdowns that disrupt public services and reflect deeper political dysfunction, rather than a lack of funds [3][6]. - The U.S. relies heavily on debt to finance its operations, with a significant annual fiscal deficit, but political polarization has made it increasingly difficult to raise the debt ceiling [3][6]. - The withdrawal of major buyers like China and Japan from the U.S. Treasury market has diminished the attractiveness of U.S. debt, exacerbating the fiscal situation [8][11]. Group 3: Implications for U.S.-China Relations - The current dynamics indicate a shift from unilateral pressure to a more complex relationship characterized by mutual constraints and necessary cooperation [15][16]. - Trump's approach towards China has softened, recognizing China's strengthened position in various sectors, including rare earths and agriculture, which are critical to U.S. interests [9][13]. - China's actions signal a strategic maturity, indicating that it is no longer a passive player but an active participant in the global economic landscape, capable of influencing U.S. policy [15][16].