Ding Zhijie, director of the Institute of Financial Studies at the People's Bank of China, said that the United States' $24 trillion net external debt is a major global risk.

On May 10th, Ding Zhijie, the director of the Financial Research Institute of the People's Bank of China, shared his insights on economic theory and the US debt problem at the China Capital Market Reform and Development Seminar on "The Theoretical Logic of China's Capital Market". In his speech on "How is US external debt formed", he emphasized that the net external debt of up to $24 trillion by 2024 is a major hazard for the US and the global economy. The problem lies not in the US dollar being an international currency, but in the US abusing its international currency privilege; the US needs to adjust, but the problem lies in making other countries foot the bill. Facing the changing global cycle and the competition between China and the US, China needs to respond cautiously.