Why are the United States and Japan still giving tens of millions of dollars in aid to China?

 

In 2010, China surpassed Japan as the world's second largest economy. In the years since, its economy has grown roughly four times as fast as Japan and the United States; a March report by the Organization for Economic Cooperation and Development (OECD) forecast that China will overtake the United States as the world's biggest economy by 2016, when assessed in purchasing power parity terms.

China has the largest foreign exchange reserves in the world -- $3.4 trillion, as of the first quarter of 2013. When President Barack Obama sat down with President Xi Jinping in an early June summit, it was a meeting of equals. And in the Strategic and Economic Dialogue, the annual meeting between high-ranking U.S. and Chinese officials that this year took place on July 10-11 in Washington D.C., the balance might even have been in China's favor: the country sent two lower-ranking officials to meet with U.S. Secretary of State John Kerry and Secretary of the Treasury Jack Lew.

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