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China is now an engine of progress amongst the developing countries of the world.

Tehran, February 17, 2010 (Hamsayeh.Net) - China has finally started to dump US treasury bonds due to widespread fears of US government’s ballooning deficit that shows no sign of a much-talked about economic recovery.

During the month of December of 2009, Beijing dumped more than $34 billion of its holdings to a total of $755.4 billion.  A clear sign of global worries over the fate of the US economy. In yet another foreign policy posturing against its biggest debtor - China - Washington began a series of aggressive moves including signing of a separate military contract with Taiwan an island known as an integral part of China, and Obama’s inflexible schedule to meet the Tibetan monk Dalai Lama this week. Both of these instances are considered clear violations by the US and an interference in China’s internal affairs.

The United States has also been pressing Beijing to follow through implementation of additional sanctions against Iran; a move China says is not necessary at all. The United States wants to have full control over the  Middle East's oil, which could enable it to repay huge debts to China through energy transactions. It would be like forcing China itself to repay US’ debts to China in the long run. NATO’s US-led Military campaigns in Iraq, Afghanistan and Yemen all point to this important strategic fact that Western powers are trying to hold on to their global financial monopolies established since WWII.

But China is determined to follow its own policies. ‘Chinese leaders are deploying their reserves to try and pressure the US to stop haranguing China about its currency and trade policies and to back off from interference in its domestic political and human rights issues,’ Eswar Prasad, a trade policy professor at Cornell University in New York state told AFP.

The West is striving to harness China’s rapid economic development. China is now the world’ largest exporter of high quality yet affordable consumer goods to the four corners of the globe. It has replaced both European and American manufacturing products in international markets. China has now become an engine of progress and prosperity amongst the world's developing nations.

Washington's growing anger against the rest of the world, which up until now was hidden behind a veil of diplomatic secrecy, is gradually becoming more pronounced.

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