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Thursday, October 17, 2013

China blast US shutdown and calls for De-Americanized World

With days to go before the
United States debt default deadline,
Beijing aired its frustrations with the
shutdown Sunday, saying it was time
to consider a "de-Americanized" world
With $1.28 trillion in U.S. Treasuries,
China is easily the biggest foreign
holder of American debt.
China has also funneled billions of
dollars into private American
investments – to the tune of an
estimated $54 billion in 2012 alone.
"As U.S. politicians of both political
parties are still shuffling back and forth
between the White House and the
Capitol Hill without striking a viable
deal to bring normality to the body
politic they brag about, it is perhaps a
good time for the befuddled world to
start considering building a de-
Americanized world," according to a
stinging op-ed article by state news
agency, Xinhua.
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The article, published Sunday,
conveyed Beijing's frustration with the
spending and debt impasse that has
paralyzed Washington for more than
two weeks.
"Days when the destinies of others are
in the hands of a hypocritical nation
have to be terminated, and a new
world order should be put in place,
according to which all nations, big or
small, poor or rich, can have their key
interests respected and protected on an
equal footing," the piece added.
Should Congress not come to an
agreement by Thursday's deadline on a
new raised debt ceiling – the upper
limit set by Congress on the amount of
money the Federal government may
borrow – China's potential losses stand
to be devastating.
Prior to Sunday's commentary article,
Chinese officials had been more
measured in their analysis of the U.S.
budget impasse. Last week, Vice-
Finance Minister Zhu Guangyao noted
only that "we have to see that the
clock is ticking."
To many in China, the restraint on the
part of China's ruling Communist Party
over its second-largest trade partner's
government problems was perhaps
based in the belief that neither party,
Democrat or Republican, would allow
the U.S. to not honor its financial

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