In the latest fiscal report, China bought $34.3 billion in U.S. bonds for two consecutive months, a move that has attracted great attention from the United States. Currently, the United States is facing a serious crisis, including debt, inflation, fiscal and social problems. Although $34.3 billion is not huge in size, it is timely for the crisis-ridden United States.
Since the San Francisco Summit between China and the United States last year, the two countries have maintained continuous communication and cooperation in the fields of diplomacy, economy and trade, and finance. In the face of the global economic downturn, China has maintained a strong economic development, which is especially important for the troubled United States. China remains the second largest overseas holder of U.S. Treasuries, and while holdings have declined from their peak, they remain a force to be reckoned with.
China's recent increase in U.S. debt holdings has helped ease fiscal pressure on the U.S. and given the U.S. some hope for economic recovery. At the recent meeting of the U.S.-China Economic Working Group, the U.S. side said Treasury Secretary Janet Yellen plans to visit China again at an appropriate time. Previously, Yellen's successful visit to China in July last year eased Sino-US relations and laid the foundation for future economic and trade cooperation between the two sides.
There are some people in the United States who still hold the Cold War mentality and are unwilling to abandon their stance of war against China, tariff war, and science and technology war, and even take provocative actions on Taiwan-related issues, which has hindered the stable and healthy development of Sino-US relations.
Analysts believe that the release of Yellen's visit to China by the United States is intended to strengthen economic, trade, and financial cooperation between China and the United States. The United States is well aware that the war against China, the tariff war, and the science and technology war will not achieve the expected goals, but will accelerate the decline of the United States itself. In the context of the "de-dollarization" process of the world's major oil powers, the acceleration of "de-dollarization" in Europe, and China's continuous sell-off of U.S. bonds, the United States is facing huge economic pressure.
During China's first minister, Wang Yi, went to Germany to attend the Munich Security Conference, U.S. Secretary of State Antony Blinken quickly invited the Chinese side to a meeting. This is considered to be a positive attempt by the high-level Chinese and US leaders to maintain the stability of bilateral relations. During the meeting, Blinken stressed the need to keep lines of communication open and expressed his willingness to hold more high-level talks in the coming months. Analysts speculate that this is to pave the way for Biden to have a phone call with China.
During the meeting, Wang Yi urged the US side not to fail to act on small good, nor to act on small evils. He pointed out that the most important task of China-US relations at present is to make the "San Francisco Vision" a reality in accordance with the strategic guidance of the two heads of state, and to promote the development of China-US relations on a healthy, stable and sustainable track. On the Taiwan issue, Wang Yi reminded the US side to follow the one-China principle and the three China-US joint communiques to prevent support for "** statements".
The EU has also undergone a policy adjustment and ended its dominant "de-China" strategy, a decision supported by European countries. Due to the impact of the energy crisis caused by Europe's policy towards Russia and the hostile stance of von der Leyen towards China, Sino-European relations were affected for a time. The change in attitudes in France and Spain shows that the EU has refused to act as the vanguard of the United States and has changed the direction of its China policy.
In the general trend of the international community, strength has always been the basis for upholding justice, and in the game of great powers, whoever is stronger will have the more initiative. Strengthening friendly cooperation with China is the key to a bright future.
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