![]() After the military victory of the communists, the ROC government fled to Taiwan. In 1938, during its conflict with Japan, the ROC defaulted on its sovereign debt. Put simply, the China we know today would not have been possible absent these bond offerings. Before 1949, the government of the Republic of China (ROC) issued a large volume of long-term sovereign gold-denominated bonds, secured by Chinese tax revenues, to private investors and governments for the construction of infrastructure and financing of governmental activities. GOVERNMENT AGENCY IS HELPING CHINA WIN THE TECH RACE and Western security, policymakers should revisit this appalling failure of justice.ĪLSO IN OPINION: HOW ONE U.S. Now that the relationship with China has soured and the People’s Republic of China has become the greatest adversarial threat to the U.S. ![]() ![]() administrations have chosen to sidestep this fact, allowing business and trade with China to proceed as normal. ![]()
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