China is basically sustaining the US economy, the US went from being a creditor-producing nation to a debtor-consumer nation(borrowing to consume, not to invest). If the US is NOT saving(negative savings rate) and producing(trade deficit) as a nation, how can we borrow and consume so much??
This has been made possible because of three main reasons, having a Fiat Currency System, having Reserve Currency Status after the collapse of brettonwoods system(all central banks around the world would hold dollars and a lot of transactions such as OIL had to be done in dollars) AND having the Chinese YUAN pegged to the DOLLAR. The US was able to create money out of thin air and not suffer the consequences of having the DOLLAR lose value, this money was then lent to individuals and government and they would spend it on real goods(mainly imported goods, ex. CHINA), other countries such as China started accumulating all these dollars.Had there not been a Currency PEG the natural consequence would be for the US DOLLAR to DEVALUE and the YUAN to gain Purchasing Power.This couldn’t happen because the chinese have to keep a FIXED EXCHANGE RATE between the YUAN and the DOLLAR(peg) so basically when the US prints new money the chinese central bank has to print more YUANS (devaluing its own currency, that is the reason the chinese are suffering from very bad consumer goods inflation) or buy more US Dollar denominated assets, so the chinese central bank and a lot of chinese private investors came back to the US to try to get some goods or assets in return for all the goods they are sending to the US, since the US does not produce enough to backup all this new money, foreigners brought all these new money back to the US and bought paper assets such as treasuries, government bonds(lent us money at an interest) and stocks(contributing to asset inflation,like the internet and housing bubble, but that is another story). So now the US owes the chinese and others great amounts of money, which it used mainly to consume, and it’s starting to look like the US won’t be able to pay it back. Obviouslly this can’t go on indifinately, the chinese will abandon this ridiculous peg eventually, when this happens the DOLLAR will collapse and with it the extravagant spending and living standards of the US(back to living within our means). So the chinese not only lend us a lot of money, they also produce most of the goods we buy with the money they lend us. So the answer is YES.

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