Americko-čínská hospodářská provázanost a její vliv na USA v letech 2000-2011

China is the largest import partner of the United States. At the same time, China is the majority holder of U.S. Treasury securities. Moreover, both of these characteristics of the U.S.-China economic relations have become deeper over the last decade. The Chinese government gives its exporters a competitive advantage over American goods by undervaluing the exchange rate. This requires holding of foreign currency in reserve assets, or investing of foreign currency by buying dollar assets -- especially U.S. Treasury securities. One is supported by another and between both countries there is an increase of interdependence which is not based solely on the market principles. As the international trade and financial flows are affected by government's behavior -- both Chinese and American -- the economic interdependence creates certain risks. These risks can be reduced by fiscal discipline of the U.S. government together with the liberalization of the U.S.-China international trade.