Does China or the US have better quality of life?
The question of "debt" between China and the U.S. is often misunderstood. China does not "owe" debt to the U.S. government in a traditional sense; rather, the People's Republic of China is one of the largest foreign holders of U.S. Treasury securities. This means China has loaned money to the U.S. government by purchasing its debt, not the other way around. Conversely, China has its own internal national debt, which is primarily owed by its own central and local governments and state organizations.
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