Dependence, Power, and Relationships: The U.S.-China Relationship on China's Sovereignty Debt Crisis

Abstract

In the world today, as changes unseen in a century are accelerating, the trade dispute between China and the United States has become one of the main forms of strategic competition between the two countries. The world has hit a low point in economic development since the COVID-19 pandemic, and with the declaration of national bankruptcy of Sri Lanka in 2022, the sovereign debt crisis trend seems to be on the rise. China was not seriously affected by the financial crisis in 2008, to explore the reasons, this paper introduces the political factors to construct a new theoretical model of "dependence-power-relationship", and divides countries into two categories: dependent and non-dependent. In the process of analysis, this paper mainly focuses on China-US relations, specifically analyzing how the changes in China-US political relations impact on China's sovereign debt crisis and national economic security, which provides lessons for today's China on the future layout of its economic development, as well as a reference for a wide range of countries facing sovereign debt crises.