Kin Cheung / AP, file
A woman walks past a screen showing the world stock index at Hong Kong Stock Exchange, Wednesday, Oct. 2, 2013.
BEIJING –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 order.
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.
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.