中文摘要：

美国拥有世界上最大的国债市场,而中国是美国国债的最大持有国。减持中国政府持有的美国国债,或者由于不利于中国经济增长,或者由于缺乏其他更好的投资机会,在实际中并不可行;相反地,为了实现每年新增外汇储备资产的保值增值,增持美国国债是一种合理的选择。中国政府若要改变当前巨量持有美国国债的局面,需要通过调整经济结构实现经济的内外平衡。

英文摘要：

The United States has the largest national debt market in the world while China is the largest foreign share-holder of the U.S. national debt. This paper analytically points out that, should the Chinese government reduce its holding of the U. S. national debt, such reduction might either back fire and harm its own economy, or be irrational because of lack of better investment opportunities elsewhere in the world. On the contrary, if one of China＇s economic goals is to appreciate or at least maintain the value of China＇s vast amount of foreign exchange reserve, then China may want to consider to increase its holding of the U. S. national debt. To change the current situation of China＇s huge holding of the United States＇ national debt, it would depend on China＇s realization of economic balance by adjusting its own economic structure in the next wave of economic reforms.