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WASHINGTON -- The seemingly endless process of resolving America's debt crisis may be giving America and its democratic form of governance a bad name in China, where much of that debt is held.
"This is a big issue -- what is it about the democratic process that is preventing [America] from getting something done?" said Charles Freeman III, a China policy expert at the Center for Strategic and International Studies. "What I think Chinese officials prize more than anything is stability and predictability. To do that they want to know the way forward, and this kind of activity is completely flabbergasting."
No place outside the U.S. has more invested in the outcome of the debt ceiling debate than China: as America's largest creditor, China currently holds some $1.5 trillion in Treasury securities; about one-third of its currency reserves are in the dollar.
And yet on Monday, when Secretary of State Hillary Clinton arrived in China for the final leg of a ten-day trip across Asia, she spent about as much time justifying to the Chinese the "political wrangling" that has been part of the deliberations as she did reassuring them that she was certain the crisis would soon end.
"These kinds of debates have been a constant in our political life throughout the history of our republic -- and sometimes, they are messy," she said in a speech in Hong Kong. "But this is how an open and democratic society ultimately comes together to reach the right solutions."
Not everyone in China is so convinced.
"I fully understand her points, and I agree with her, that democracy sometimes makes things difficult, but that in the end they can make a compromise," says Shen Dingli, the executive dean of the Institute of International Studies at Shanghai's Fudan University.
https://www.facebook.com/dubaidebtrecovery
WASHINGTON -- The seemingly endless process of resolving America's debt crisis may be giving America and its democratic form of governance a bad name in China, where much of that debt is held.
"This is a big issue -- what is it about the democratic process that is preventing [America] from getting something done?" said Charles Freeman III, a China policy expert at the Center for Strategic and International Studies. "What I think Chinese officials prize more than anything is stability and predictability. To do that they want to know the way forward, and this kind of activity is completely flabbergasting."
No place outside the U.S. has more invested in the outcome of the debt ceiling debate than China: as America's largest creditor, China currently holds some $1.5 trillion in Treasury securities; about one-third of its currency reserves are in the dollar.
And yet on Monday, when Secretary of State Hillary Clinton arrived in China for the final leg of a ten-day trip across Asia, she spent about as much time justifying to the Chinese the "political wrangling" that has been part of the deliberations as she did reassuring them that she was certain the crisis would soon end.
"These kinds of debates have been a constant in our political life throughout the history of our republic -- and sometimes, they are messy," she said in a speech in Hong Kong. "But this is how an open and democratic society ultimately comes together to reach the right solutions."
Not everyone in China is so convinced.
"I fully understand her points, and I agree with her, that democracy sometimes makes things difficult, but that in the end they can make a compromise," says Shen Dingli, the executive dean of the Institute of International Studies at Shanghai's Fudan University.
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