Because our trade relationship with the United States is particularly close, China has the largest foreign exchange reserves in US dollars. For the safety of US dollar foreign exchange, we will use US dollar foreign exchange to buy US Treasury bonds at an appropriate time. Because U.S. Treasury bonds are guaranteed by the credibility of the U.S. government. So far, we have subscribed for 890 billion US Treasury bonds. This is also our helpless choice. If we sell US Treasury bonds, it will obviously be a double-edged sword for China, which will do harm to others. China's massive selling of US dollar assets and US Treasury bonds will aggravate the weakness of the US dollar and eventually force the Federal Reserve to raise interest rates, thus wiping out the US economic recovery. However, the United States is likely to significantly increase the import tariffs on goods from China, which will prevent goods from China from entering the United States, which will do great harm to China's economy, because the United States is China's largest export market, and China has not yet found a market that can replace the United States. Once exports are blocked, enterprises in China close down and workers lose their jobs, economic problems will become political problems. Therefore, selling US Treasury bonds, a financial nuclear bomb, is equivalent to mutually assured destruction. You can't do it unless you have to. But as a policy option, it is understandable for military scholars to put it forward at this time, which is also a strategic need. After the Spring Festival, the China-US Strategic and Economic Dialogue will be held, and the US is trying to use this dialogue to force the RMB to appreciate. China's proposal to sell US Treasury bonds is nothing more than to take the lead in silencing the United States. For China, selling US Treasury bonds is risky, which requires careful planning and cannot be impulsive, but it is not difficult to refuse to buy US Treasury bonds. The Obama administration's fiscal deficit is staggering. With the continuous introduction of the economic stimulus plan, it is bound to continue to issue government bonds. There is no need for China to be the fire chief and pay for the United States. In a sense, China's refusal to buy American debt is an attack.