The US government going bankrupt is the last thing the world wants to see, especially for China.

In the current global financial environment, there is a striking phenomenon:

The last person the world wants to see the US government go bankrupt is not the American people, nor is it Europe or Japan or South Korea, but China.

Strange as it may sound, given the growing competition between China and the US, why is China buying so much US debt? This appears to be funneling money to competitors.

However, things are not so simple.

Looking back at the 2008 financial crisis, when the US economy was on the ropes, the Chinese government bought US Treasury bonds and became a supporting force for the US to tide over the difficulties.

Why would China do this? This stemmed from the fact that the Chinese economy was heavily dependent on overseas markets, especially the US and Europe.

If the US economy collapses, China's export markets will be hit hard and a large number of workers could lose their jobs.

So buying US Treasuries is also an act of self-salvation for China.

However, as China's economy has boomed and its domestic market has grown, its dependence on the United States has gradually decreased.

In recent years, China has begun to reduce its holdings of US Treasury bonds, which has aroused the dissatisfaction of the US government and experts.

Especially in the context of the booming US economy, they hope that China will continue to increase its holdings of US Treasuries to help tide over the difficulties.

There is, however, a contradiction in Washington's expectations. On the one hand, they are trying to decouple from China on trade, and on the other hand, they want China to come to their rescue in a financial crisis.

Recently, some American experts even suggested that China needs to repay the US $1 trillion debt, or the US has the right to cancel the debt owed to China.

The origins of the debt can be traced back to the Treaty of Xinju in 1901, when the Qing government was forced to pay huge reparations to various countries, of which the United States' share was about $27 million.

However, in 1943, the Sino-US treaty was signed, and the United States voluntarily gave up the remaining Boxer Indemnity.

However, the current Sino-US relationship has changed, and it is almost impossible for the US to hope that China will help them as in the past.