From the national character, people in East Asia tend to save more, because Japan and China are the largest debtor countries in the world. Westerners tend to spend more. Both Japan and China are big creditors of the United States, and the most important thing is to buy US Treasury bonds as their foreign exchange reserves. Because they all agree with the stability of the US dollar, they think that holding US dollar debt can prevent the risk of exchange rate fluctuations. For the American government, issuing bonds can greatly utilize private and foreign capital, which is beneficial to economic construction.