The U.S.Debt Crisisand China’s Countermeasures

ON August 5, 2011, the international credit-rating agency Standard & Poor’s (S&P) downgraded its U.S. long-term debt assessment from AAA to AA+ with a negative outlook. For the first time in its history the U.S. lost its prized AAA status, sending shock waves through the global financial markets. To a large extent, the credit crisis has emerged from the U.S. government’s