According to historical data, the United States adds about 600 billion US dollars of national debt every year, of which about 70% is purchased by international investors. This year, with the current $700 billion bailout fund, the issuance scale of US Treasury bonds will reach about $65,438 +0.3 trillion. At present, some large financial institutions in Europe are also in a hurry. Considering the important role of the banking system in European financial system, the European financial system is likely to face more challenges than the United States. Therefore, it is believed that without the support of China, Japan and other countries with huge foreign exchange reserves, the plan of the United States to save its financial system will be difficult to succeed.

At the same time, in the context of the current global economic ties, the crisis of such a huge economy as the United States will inevitably spread rapidly to other economies. If the international community does not take timely measures to deal with the crisis, the losses brought by this crisis to the whole world will be immeasurable. For China, the importance of the American market is self-evident. Now the American financial crisis will inevitably lead to a decline in consumer demand. In this sense, it can be said that China's participation in the US bailout is also for self-help; On the other hand, because China holds a large number of US Treasury bonds and institutional bonds (such as Fannie Mae and Freddie Mac bonds), it is obviously difficult for the United States to restore the liquidity of financial markets on its own. If the US Federal Reserve system injects more liquidity into the financial system by issuing more money, it is likely to lead to an increase in inflation, which in turn will lead to the depreciation of the US dollar and its assets. Therefore, from the perspective of maintaining China's huge dollar assets, it seems that China must also participate in the US rescue.

However, at present, China's domestic economic situation has been very severe, a large number of export-oriented small and medium-sized enterprises have gone bankrupt, and the profit growth rate of large and medium-sized industrial enterprises has fallen sharply. Coupled with the sharp deterioration of the external environment, China has to invest a lot of money to implement the rescue plan for domestic enterprises to help enterprises in trouble realize production transformation. Therefore, China should first care about domestic enterprises to tide over the difficulties. Secondly, because China's economic dependence on foreign countries is as high as 60%, the current decline in external demand will undoubtedly lead to a sharp decline in foreign trade surplus. In this case, although China has a huge stock of foreign exchange reserves, about 1.2 trillion US dollars have been put into the US market. If we remove about 600 billion US dollars of reserves to deal with the possible temporary imbalance of international payments, the remaining available funds will be about 200 billion US dollars. From this perspective, it is impossible for China to provide large-scale financial assistance to the United States.

Nevertheless, if China can join the international rescue operation, it will benefit China's own economic interests, China's international image and the global economy. For example, in response to the impact of the US financial crisis, China, Japan and South Korea initiated the establishment of an $80 billion "Asia One Fund" to maintain the stability of the Asian economic and financial situation. Of course, the premise is that the US government must ensure the safety of investment.

Ronald Mckinnon recently wrote that in order to fundamentally solve the current difficulties and challenges, first of all, the US government must restore the strong dollar policy and turn to the tight monetary policy, so that the outflow of private capital can return to the United States, because these measures will help alleviate the crisis in the US credit market.

At the same time, the U.S. government should give up the demand of forcing RMB to appreciate, and keep the exchange rate between RMB and US dollar stable, so that China's economic growth mode can be temporarily continued, and China's huge US dollar assets will not suffer huge losses. On this basis, the international community should work out a solution to the problem on the basis of fairness and justice.

From China's point of view, participating in the US rescue does not necessarily mean buying US Treasury bonds. Large enterprises in China might as well learn from some Japanese financial institutions and buy some equity or assets of American financial enterprises. Of course, this requires a clear investment strategy, not just the idea of bargain hunting. In addition, we can also consider using our overseas bonds to buy back the equity investment of American enterprises in China, so that China can exchange these bonds for the property rights of American enterprises in China. This will not only save the United States, but also benefit China's own development.