US Treasury bonds AA+ (safe haven assets) Japanese Treasury bonds AA- (safe haven assets) China Treasury bonds AA+ Only China Treasury bonds are non-negotiable, not safe haven assets. The purpose of buying government bonds in different countries is not necessarily the same. For example, the United States does not buy non-American debt (and the United States has no foreign exchange reserves). Japan and China are the two largest overseas holders of American debt. The United States plays the role of financial control in the world (the United States ranks first in the financial and economic world), while Japan plays the role of manufacturing export (Japanese manufacturing ranks first in the world). China is facing the problem of upgrading its level. The GDP of the United States ranks first, and that of Japan and China ranks second, but in fact, China ranks third (the industry is not as good as Japan). At present, countries are divided into the first financial country (virtual economy such as futures and stocks, such as the United States), the second industrial country (manufacturing and heavy industry exports, such as Japan), the third export-driven economy country (light industry exports, such as China) and the fourth export-oriented commodity country (food and resources exports, such as Australia). The essence of China's economic transformation is to upgrade to a second-class country. The question you asked can actually be interpreted as the ultimate goal of China, which is to upgrade to the first financial country and control the world economy through the issuance and repurchase of currency and treasury bonds (controlling finance means controlling the world, such as US dollar bills and US treasury bonds).