EU’s Borrell says US lives off loans from China, both mutually dependent

MOSCOW (UrduPoint News/Sputnik – Aug 22, 2022) The United States depends on China, the world’s biggest creditor country holding $1 trillion in public debt, and neither is seeking the bankruptcy of the other, the other said on Monday EU foreign policy chief Josep Borrell.

“China is the largest international lender and China has accumulated $1 trillion in public debt, Americans have lived on credit thanks to China,” Borrell said in his opening speech for the debate on the future. of Europe in the Spanish city of Santander.

Even though China faces a domestic crisis, its position as the world’s largest external debt holder means no country, even the United States, is seeking its demise, the official noted.

“The relationship between China and the United States is quite special because they are not interested in losing each other. If you owe me a trillion dollars, I do not want you to go bankrupt, otherwise I won’t have access to the money, so I have no interest in China having a crisis and vice versa,” Borrell said, noting that Beijing and Washington “need one of the two. ‘other”.

The EU official also hailed China’s “exceptional” transition from what he called extreme poverty to becoming the leader in tech production in just 50 years.