Foreign Debt Holds Show Concern Over US Debt

Chinese news station states world may need to ‘de-Americanize’

The stand off regarding the government shutdown and in Washington that has created such frustration amongst voters and politicians alike has now spread overseas. China is beginning to show severe interest in moving away from the United States’ influence, and calling upon others to do the same.

The crisis has now spurred the Chinese government to tell the rest of the word it ought to being looking to “de-Americanize” itself. The strongly worded statement comes from Xinhua News Agency, which is China’s leading government-controlled news station.

“The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,” the commentary said. “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated.”

“The congressmen are behaving irresponsibly not only for other countries but also for” the United States’ “own creditors,” said Mei Xinyu at the Chinese Academy of International Trade and Economic Cooperation, which has ties to the Commerce Ministry. “They are gambling the U.S. future on their political-struggle interests.”

Others have gone further than the seemingly harsh sentiment. Zhao Xijun, who works s deputy dean at Beijing’s Renmin University School of Finance has stated that the Congress is no more than kidnappers that are holding the global investment sector as a ransom.

“The two political parties in the U.S. have disregarded the interest of the rest of their country and the world,” he said.

China is currently the largest holder of U.S. Treasury bonds, while the United States still is its own largest debt holder. China currently holds $1.28 trillion of the debt, while the holdings have declined slightly in the past year.

Japan, which is the second largest holder of debt, has stated similar worrying hesitation to back the United States. “The U.S. must avoid a situation where it cannot pay and its triple-A ranking plunges all of a sudden,” Japan’s finance minister, Taro Aso, said last week.

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