home > about cfr > leadership and staff > arpana pandey > China’s $1.5 Trillion Bet: Understanding China’s External Portfolio
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| Authors: | Brad W. Setser, Fellow for Geoeconomics Arpana Pandey, Research Associate |
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| Publisher: | Council on Foreign Relations Press |
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Release Date: May 2009
22 pages
This is an update to the January 2009 Working Paper China’s 1.7 Trillion Bet.
China is now by far the United States’ largest creditor. Its treasury portfolio recently surpassed that of Japan’s, and it has long held more agency (Fannie Mae, Freddie Mac) bonds than any other country. Never before has a nation as poor as China provided so much financing to a country as rich as the United States. In this Center for Geoeconomic Studies Working Paper, Brad W. Setser and Arpana Pandey estimate the true scale of China’s U.S. portfolio and examine how the pace of growth and composition of China’s portfolio have evolved over time.
Brad W. Setser is a fellow for geoeconomics at the Council on Foreign Relations.
Arpana Pandey is a research associate for geoeconomics at the Council on Foreign Relations.
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