中国持有7600亿美债！美专家：若抛售，美国就会完蛋！

Core Viewpoint - The article discusses the implications of China's significant holdings of U.S. Treasury bonds and the potential consequences of a sell-off, highlighting the complexities of U.S.-China economic relations and the U.S. debt situation. Group 1: U.S. Debt Situation - The total U.S. national debt has surpassed $37 trillion, which is 126.8% of the U.S. GDP, indicating that the country earns less in a year than it owes in debt [3] - In FY2023, the U.S. deficit reached $1.7 trillion, a 23% increase from the previous year, contributing to the growing debt burden [7] - By 2025, the U.S. is expected to spend $1.2 trillion just on interest payments, surpassing the defense budget and becoming the largest fiscal expenditure [5] Group 2: China's Holdings of U.S. Debt - China currently holds $760 billion in U.S. Treasury bonds, a significant reduction from a peak of $1.3 trillion, driven by changing international dynamics and the desire to mitigate risks [9][13] - The reduction in U.S. debt holdings by China is partly due to the U.S. freezing foreign assets, which has increased the perceived risks of holding U.S. debt [13] Group 3: Potential Consequences of a Sell-off - While the $760 billion in U.S. debt held by China seems substantial, it only represents about 2% of the total U.S. debt, making it unlikely to collapse the U.S. debt system [17] - The U.S. has other options to manage its debt, including the ability to print money through the Federal Reserve, which has previously printed $1.5 trillion in a short period [20] - A large-scale sell-off of U.S. debt by China could backfire, leading to a depreciation of its dollar assets and increased pressure on the Chinese yuan [22] Group 4: Economic Interdependence - The U.S. is China's largest export market, accounting for 17% of China's total exports, meaning that any economic slowdown in the U.S. could adversely affect Chinese export businesses and employment in manufacturing [24] - The article suggests that U.S. experts are more concerned about the potential for China to retaliate against U.S. tariffs by selling U.S. debt rather than an actual collapse of the U.S. debt market [26][29]