Chinese state media have been filled this week with cartoon images of America’s leaders, mocking them for stumbling on a debt deal while depicting the nation as a beggar.
CBS reported that a Commerce Minister adviser to the Chinese government, Mei Xinyu, said the “gentlemen” on Capitol Hill are unconcerned how their “monkey business” is impacting the world and degrading America’s image across the globe. He also said that if America does default on its loan obligations, China will likely quit buying U.S. Treasury bonds.
“Average Chinese believe [their] government is able to handle this situation and won’t let it shipwreck China’s economy,” he said in the CBS report.
Meanwhile, the media in China continue to ridicule U.S. leaders, also depicting America as a nation that’s suffering and on life-support. Still, U.S. financial experts are telling China to back off — that if America caves, so does China.
“If we were to see uncertainty in the U.S. economy drag through into November and December, and that caused Americans to cut back on the amount of purchases they would have normally done for Christmas, then that would affect the Chinese economy directly,” said Michael Pettis, a finance professor at Peking University, CBS reported.