Is it also true that China is the biggest financer of the US government and it holds it largest chunk of treasury bills?

That is a point you just cannot miss. China’s forex chest may have dwindled by nearly $1 trillion in the last few years. But at $3.25 trillion, it is still by far the world’s largest currency chest. It holds nearly $1.3 trillion worth of US treasuries and that makes it central to the value of the dollar as well as the stability of global financial markets. Any decision by China to add or deplete its US treasuries can have echoes across global financial markets! So, in a nutshell, China is just too big to ignore. The big push approach adopted by China post-2008 has made it the pivot of global demand and global growth. The world really cannot afford to have a slowing China at this point of time.