Economics Homework Help

I’m working on a international economics discussion question and need an explanation to help me learn.

I think we’ve all heard politicians say that China “owns” the United States. To what extent is that true? According to an article on TheBalance.com:

“The U.S. debt to China is $1.18 trillion as of February 2018. That’s 19 percent of the $6.29 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $21 trillion national debt is owned by either the American people or by the U.S. government itself.” [1]

Should we be concerned that China owns over $1 trillion in U.S. financial assets? Or should we worry that foreign countries own over $6 trillion in total? What are the implications on the U.S. economy?

[1] Amadeo, K. (n.d.). How Much Does the U.S. Owe China? Retrieved from https://www.thebalance.com/u-s-debt-to-china-how-much-does-it-own-3306355