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Written on April 28, 2012 at 12:38 pm by alpineski Chinese Debt Owed to Americans and it’s Failed Obligations Filed under Financial no comments 3 Share on delicious Share on stumbleupon Share on email Share on print Share on raiseyourvoice Act Now! From 1900 to 1940, the Chinese Government issued millions of dollars in sovereign debt – most notably, a large tranche of £25,000,000 issued at 5% in 1913 set to mature in 1960. This massive bond funded the modernization of China’s infrastructure and was widely acquired at the time by governments, banks, and investors across the globe. However, in 1938 China defaulted on its “binding engagement upon the Government of the Republic of China and its Successors,” leaving millions of global creditors unpaid. In accordance with the terms of the bond, successor government doctrine, and accounting standards, the United States can and should hold China accountable to its obligations.