Assessing the Impact of U.S. Debt to China

The Asia Society and Museum in New York presents the second installment of a new series sponsored by HSBC on "Changing the Game: Asia's Emerging Markets."

The U.S. Treasury recently published new figures showing that China now owns nearly $1.2 trillion in U.S. government bonds – a figure that promptly triggered widespread public concern over China’s power as a creditor.  Putting these figures in perspective is the fact that while $1.2 trillion represents only 8 percent of America’s $14.3 trillion debt, the same amount represents more than 20 percent of the entire Chinese economy, ensuring that China has a critical stake in the health and recovery of the American economy.

Is there real cause for concern about U.S. dependence and does this translate into increased Chinese economic and even political leverage over the United States? Or are the two countries in a stable “co-dependent” financial relationship, with the United States and U.S treasuries a safe haven for Chinese capital?  This panel will evaluate the facts and the figures that have shaped both Chinese and American perspectives on this important and highly mediatized aspect of the U.S.-China bilateral relationship.

Irene Dorner, group managing director and chief executive officer, HSBC North America, will present introductory and concluding remarks to the panel discussion, where Gordon Chang, writer, Forbes.com will moderate a conversation with Richard J. Herring, Jacob Safra Professor of International Banking and Professor of Finance, University of Pennsylvania.

Program: 6:30 - 8:00 pm
Reception: 8:00 - 9:00 pm