[www.globegroup.com] there is a wave of politicians in the United States who believe that Americans hold a batch of old Chinese bonds issued a hundred years ago, always thinking about “cashing in”. According to Fox News reported on the 13th, several members of the US Congress put forward a resolution requiring China to repay a group of us “bondholders” with a total of US $1.6 trillion of “sovereign debt”.
according to Fox News, the resolution was co sponsored by senators Martha McSally of Arizona and Martha Blackburn of Tennessee, while representative mark green of Tennessee led the resolution in the house of Representatives. All three are Republicans.
Mr. McNally claimed that “China has repeatedly failed to fulfill its obligations to the United States and robbed American families of their money and jobs.” “We have to hold China responsible for its debt and for the global spread of the new coronavirus. We ask China to repay $1.6 trillion owed to American families. ”
according to previous media reports, in August last year, Bianka, a farmer in Tennessee, made a similar request. They held bonds issued by the Qing government for the construction of the “Hu Guang Railway” in 1911 and the “yellow financial bonds” issued by the government of the Republic of China in 1913. Bianca and others insist that the bonds are worth hundreds of billions of dollars.
in recent years, some domestic politicians and so-called “bondholders” have been using these bonds to write articles. In 2018, the economist reported that they said the bond had a combined interest of $750 billion. By 2019, they claim to pay back more than $1 trillion.
in May this year, when some people in the United States clamored that China would repay $1.6 trillion of debt, Fox News quoted Odette Lienau, vice president and law professor of Cornell University, as saying that it was difficult to do this. “It’s hard to bring a lawsuit because it’s very old and it’s going to be difficult to put it into practice,” he said. You have to be creative in law. ”
according to previous media reports, in fact, since the 1980s, the US government and the US courts have successively ruled that these bonds are not recognized. Among them, an article from the “law experiment and practice teaching center” of Renmin University of China said that in the 1980s, the Chinese government employed lawyers in the United States to win the case involving “Hu Guang Railway Bonds”. The reason for winning the lawsuit at that time was that the foreign exemption act cited by those who asked the Chinese government to “repay” its debts was passed in 1976 It has no retrospective effect on the bonds of 1911.