China also really can't afford to lose its accumulated savings, since they'll need every saved dollar to deal with the massive demographic problems caused by the one child policy.

While the U.S. short term demographic issues will be bad when the baby boomers retire, the changes are going to be even more extreme in China. When their population ages enough, those accumulated savings will be absolutely critical: http://brontecapital.blogspot.com/2010/02/globalizing-austra... .