历史新高！美国国债首超38 万亿，美股暴跌，这次或又要找中国帮忙

Core Points - The U.S. national debt has surpassed $38 trillion, leading to significant stock market declines, with each American now bearing a debt of $115,000, an increase of $4 trillion from two years ago [1] - The Trump administration is seeking increased bond purchases from China, reflecting a shift from previous passive acceptance to a more assertive stance from China regarding U.S. debt [1][2] - The U.S. debt situation is largely self-inflicted, driven by excessive spending, including a $4 trillion tax cut and $3 trillion in COVID-19 relief, resulting in a debt-to-GDP ratio exceeding 120% [1] Group 1 - China currently holds $784.3 billion in U.S. Treasury bonds, making it the second-largest foreign holder of U.S. debt, while other potential buyers are reducing their holdings [2] - Japan's holdings have just surpassed $1.1 trillion, but it faces its own demographic challenges, and European buyers are also decreasing their U.S. debt holdings due to energy crises [2] - China has reduced its U.S. Treasury holdings by nearly $280 billion from 2022 to 2024, indicating a strategic shift rather than a willingness to act as a "buyer of last resort" [2] Group 2 - China has made it clear that any assistance in purchasing U.S. debt must come with conditions, including the cessation of restrictions on Chinese companies and respect for China's core interests [3] - The U.S. Treasury is increasingly anxious about its ability to find buyers for new debt issuances, with officials acknowledging that the current debt growth is unsustainable [3] - The Trump administration's contradictory approach of seeking Chinese support while simultaneously imposing trade restrictions is likely to heighten China's caution in engaging with U.S. debt [3]