1. China holds a large number of US Treasury bonds. In case of default, China's assets will shrink. 2. Kidnapping China. In the future, the United States can only repay its debts by repaying the old with the new. To put it bluntly, it means continuing to issue bonds and then paying off the previous debts. If one day no one buys US Treasury bonds, the United States will default, and the assets of most countries in the world will shrink, thus forming an infinite cycle. Even if China knew that he could no longer buy it, he had to buy it, which would only make the bubble embarrassed and not burst. This is also one of the basic reasons for the global stock market crash after the downgrade of US debt. The Federal Reserve has made it clear that it will continue to print money. The depreciation of the dollar seems to be a foregone conclusion. With the RMB pegged to the US dollar, China seems to have no choice but to print money, which increases the possibility of inflation. All the commodities in the world are priced in dollars. Once the dollar continues to depreciate and trigger selling, it may lead to the collapse of the world monetary base, with disastrous consequences. Whether it is linked to gold again or to a basket of currencies is still unknown. But what is certain is that China will not be immune from the collapse of the dollar. From the microscopic point of view, a large number of foreign trade processing enterprises have increased the risk of bankruptcy, but there is still a lot of room for government regulation in domestic trade, real estate and other industries, so survival should not be a problem.