Second, foreign countries or institutions hold China government bonds. However, it seems that this question can only be asked by the Ministry of Finance, because we don't have a clear list of foreign countries or institutions holding China's government bonds, and we haven't published it.
By the end of 2009, the amount of book-entry treasury bonds (including special treasury bonds) in custody was 5,332.7 billion yuan, an increase of 543.6 billion yuan over the end of last year.
There is no universal answer: China's economy is developing steadily. As soon as China issued its national debt, it was snapped up by other countries. The United States holds China's 8,000 trillion national debt, but which country holds the most ... No one knows.