A'hem. They have accumulated, as you say, a $600 billion stash. So why haven't they spent them YET??? What are they WAITING for? And aren't you a little concerned that when the Chinese Premier comes to the U.S. to lecture us about trade competition (they comfortably behind their tariff walls, and government-controlled communist economy) there is a lack of media coverage on the hypocrisy? And just what did he say that we could possibly interest them in to spend those dollars? Our advanced defense technology. That's it. They want us to let go of the last thing keeping us secure. Surprise.
I don't care if they spend the those dollars or not. Our economy is growing as fast as it can without incurring inflation anyway. If they started to spend the dollars that they would otherwise accumulate, how would that help us?
At 5.1%, our unemployment rate is hardly worth losing sleep over. If China is taking all of our jobs, then why is the unemployment rate only 5.1%? What they are doing is they are taking the bad jobs--the low pay jobs. And most of the low pay jobs they are taking are not from Americans, but from other countries which would otherwise supply what the Chinese supply.
We don't make significant amounts of textiles in this country, and we haven't for decades. The few jobs that will be lost by allowing Chinese textiles flood our stores will be jobs which are low pay jobs, mostly held by illegal aliens. And keep in mind that there are jobs that are created by cheap Chinese textiles as well. A lot of clothing sales jobs would be lost, for example, if the cost of clothing went up because cheap Chinese clothes were no longer available.
Do you think the Chinese can force us to sell them our defense technology? I think not. Besides, they've done a very effective job of stealing it. Why pay for something you can get for free?
Our imports from China are a paper tiger. Our oil imports comprise 40% of the trade deficit. If you're worried about the trade deficit, then focus on that.