Differing views have been expressed in the debate on who is going to be the biggest US creditor. However, it is certain that China and Japan will remain as the top 2 creditors for the foreseeable future.

According to statistics released by the Treasury Department of United States, at the end of November 2014, the US owed 1.25 trillion dollars to China, a sum that had fallen by 2.3 billion dollars in the past year. Japan, on the other hand, gained 19.1 billion dollars from the US to leave the balance standing at 1.24 trillion dollars. It seems that Japan is seeking to recover its status as the biggest US creditor.

For Japan, the accrual of US debt makes it possible for agencies dealing with issues like pensions to increase their earnings, and hence restore some impetus to reform in Japan against the background of Abenomics. While for China, after three successive months of reduction, the debt owed by the US to China is now at its lowest level for 14 months. Flexibly handling its holdings of international debt is becoming one of the yardsticks by which China balances the "New Normal" of its economy.

The size of its foreign exchange reserves has been a burden for Chinese economy for a very long time, especially with regard to China's dependency on the US bond market, foreign currency market, and stock market. Cutting down the level of US debt can lower the exposure to economic risks like debt default, or currency devaluation. As a general rule, US debt is a "safe haven" for foreign capital. But with the RMB becoming more globalized, the attraction of US debt is decreasing. Other approaches like investing in more debt from other countries besides the US, increasing bulk cargo imports and reserves, and investing more in stocks of large international corporations, are also measures that China can potentially employ.