TEXT OF STORY
STEVE CHIOTAKIS: The U.S. is more more indebted to China than we thought. The government’s latest tally shows China still owns the most U.S. debt, by far.
From Washington, Marketplace’s Nancy Marshall Genzer reports.
NANCY MARSHALL GENZER: China has a lot of money to invest, because it sells so much to other countries. And one of its top investments has been U.S. treasuries. Recently, it looked like China was going to diversify away from us. But now the Treasury Department puts China’s U.S. holdings at more than a trillion dollars. That sounds like a scary number. But scarier still? China losing interest in our debt.
Erin Ennis of the U.S. China Business council says, the Chinese are buying American because they think we’re a good investment.
ERIN ENNIS: They are buying into the idea that we are going to be able to make the changes necessary to have the economy continue to go on an up trend.
But Ennis says, we didn’t have a lot of competition for China’s money. Nobody’s economy is looking too good right now. We won a beauty contest where no one’s especially pretty.
In Washington, I’m Nancy Marshall Genzer for Marketplace.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.