Politics

U.S. Fiscal Impasse Prompts China To Call For New World Order And 'De-Americanized World'

| by Khier Casino

China is calling for a new world order, as the United States government shutdown enters its second week and a countdown to default. On Oct. 14, Beijing has warranted an implementation of a “de-Americanized” world.

China has transmitted as much as $54 billion in 2012 into investments in America. The U.S. default and the government’s refusal to raise the debt ceiling could cost China billions of dollars. Beijing blames the government of the U.S. for being too engrossed in fighting with each other and don’t care what happens to the rest of the world, or in certain cases, its own people.

Writing in an op-ed piece, a Chinese state news agency, Xinhua, commands other countries to not rely on the U.S. too much:

"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," said Xinhua.

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China’s concern goes beyond a possible U.S. default, as it is by far the biggest holder of American debt, with some $1.28 trillion.

"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,” Xinhua also reported.

Congress has until Thursday to raise the U.S. debt limit; otherwise, if it can’t come to a deal by the deadline, the impact on China’s economy could be calamitous.

“Despite a desire to diversify its holdings, the Chinese government continues to buy U.S. Treasury bonds out of political and economic necessity,” according to NBC News. "As long as China's domestic growth and stability are boosted by American debt, the deep ties between the two countries will likely endure."