After China’s invective on US debt at the weekend, it is easy to forget that Beijing deserves part of the blame for Washington’s fiscal mess, writes Simon Rabinovitch.
It is hard to argue with China’s view that the US has been living beyond its means. But the addict wouldn’t have been so hooked without a generous dealer. China has been the main supplier of the cheap debt that the US has found to be such an irresistible drug.
The problem is not just that China is the biggest foreign holder of US Treasuries with more than $1,100bn. More worrying is the rate of increase of China’s holdings, from less than $100bn a decade ago to the pile it has today.
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