I recall being at the last Fed protest with WC and JDA and WC suggested that China probably doesn't give a crap about the debt we owe them. He suggested they've already planned to write it off because they've made so much elsewhere they just consider it the cost of doing business.
This video states the same argument...without all the slurring, swearing and spitting.
the creditor and the deadbeat broke-ass plastic duck junkie
UPDATE: W.C. here. Awesome video. My thoughts on this subject from October here.