On Oct. 13, an opinion article appearing on the English language website of China’s state-owned Xinhua news service called for a “de-Americanized world” in the wake of the U.S. government shutdown and the debt ceiling debate. The author, citing the danger to the world economy posed by a potential U.S. default, suggested the development of an international reserve currency to replace the dollar. The article describes the current balance of power as “alarming” and alleges that U.S. foreign policy since World War II has amounted to an attempt “to build a global empire.” It goes on to argue that the United Nations, not the U.S., should be the central authority on resolving global conflict. With $1.3 trillion in U.S. Treasury bills, which takes up an estimated 60 percent of its currency reserves, China is the world’s largest investor in U.S. public debt. (Xinhua, Oct. 13; New York Times, Oct. 15, 2013)
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SR: The Week’s China Reads
Every week, China Program’s Senior Advisor Dr. Robert A. Kapp compiles a reading list and provides commentary, for you to better understand China.
Robert A. Kapp is senior advisor to the China Program at the Carter Center. He has been principal of Robert A. Kapp and Associates, a business consulting firm, since 2004. From 1994 through 2004 he served as President of the United States-China Business Council…