Sir: Professor Wolfgang Kasper’s wide-ranging article on China (December 2020) avoids finance. In late 2020 China owned over US$1,000,000,000 in Treasury securities. China’s dollar reserves have been recycled into US debt. These surpluses were built through trade, not money printing. They embody the work of the Chinese over decades. The risk to those surpluses from default or hyperinflation brought on by US money printing warrants a rethink by any Chinese government. Adverse observations about the CCP explain little. Professor Kasper mentions Gorbachev, but, once again, he avoids finance, a central factor in the collapse of the USSR. The Soviet debt…