“When you borrow 1,000 yuan from a bank, the bank is your boss; when you borrow 100 billion yuan from a bank, you are the boss of the bank. This is the ‘horrific’ financial balance between the U.S. and China,” commented a People’s Daily opinion on January 6, 2010.
“China, the largest foreign debt holder of the U.S., has been accumulating U.S. Treasury bonds in recent years.” “At the critical moment of health care reform, the U.S. will certainly ask China to continue purchasing U.S. debts.” “As a matter of fact, the domestic struggle of U.S. health care reform has impacted China’s interests. Last summer, Obama won support from labor unions at the cost of Chinese businesses by imposing a tariff on tire imports. We have enough reason to believe that, in the future, Washington will sacrifice China on issues of trade, climate change, human rights, and arms sales to Taiwan.”
Source: People’s Daily, January 6, 2010