Perhaps the chief issue facing global markets is the extent to which China will continue investing heavily in Treasury bills. If China believes the dollar is going to decline in the future, given the ballooning United States debt, it could reduce its purchases.Or they may want to make clear that they view their purchases of US debt as something entirely different. Perhaps they want to tell Mr. Geithner that they are purchasing future foreign policy concessions. Maybe they'll spellout what those concessions will be. What is US recognition of China's claims to Taiwan and Tibet worth? How much debt forgiveness do they have to offer for a carrier battle group?
Once those concessions are lined up, then they'll stop buying our debt.