Surface Navy 2018: Foreign-held US debt strengthening potential rivals
Foreign governments are using US debts to enhance their own defence capabilities, according to USCG commandant ADM Paul Zukunft, speaking at the Surface Navy Association symposium on 10 January.
China is among the largest holders of US foreign debt, estimated at around $1.2 trillion last year, accounting for some 19% of total debt held outside of the country.
The country has undergone a rapid development of its own defence capabilities and expanded its areas of interest and operations beyond the Asia Pacific region in recent years, rivalling previously assumed US supremacy in the region.
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