MOSCOW (Pakistan Point News / Sputnik - 22nd August, 2022) The United States is dependent on China, the world's leading creditor nation holding $1 trillion in public debt, and neither seeks each other's bankruptcy, EU foreign policy chief Josep Borrell said on Monday.
"China is the greatest international loaner and China has accumulated $1 trillion of public debt, the Americans have lived on credit thanks to China," Borrell said in his opening speech at the debate about the future of Europe in the Spanish city of Santander.
Even though China is facing a domestic crisis, its position as the world's largest holder of foreign debt means that no country, even the US, seeks its demise, the official noted.
"The relation between China and the US is quite particular because they are not interested in the loss of each other. If you owe me a trillion of Dollars, I do not want you to get into bankruptcy, otherwise I will not have access to that money, so I have no interest at all for China to have a crisis and vice versa," Borrell said, pointing out that Beijing and Washington "need each other."
The EU official also extolled China's "exceptional" transition from what he called extreme poverty to becoming the leader in technological production in just 50 years.
