The global economic order is undergoing a period of profound transformation. The sovereign credit crisis in the United States is becoming increasingly visible, triggering significant volatility across international financial markets. The Trump administration’s aggressive use of “reciprocal tariffs” and strict fiscal austerity has seriously undermined market confidence. The U.S. Treasury system now exhibits clear characteristics of a Ponzi scheme, with repeated episodes of “triple meltdown” in equities, bonds, and the dollar. As a result, the dominance of the U.S. dollar faces historic challenges. In this context, a wave of global de-dollarization is accelerating. Gold, the renminbi, and emerging market currencies are rapidly gaining ground, and the contours of a multipolar monetary order are beginning to take shape. As the world’s second-largest economy, China must respond to the growing risks posed by the U.S. debt trap, reinforce its financial defenses, and actively contribute to international efforts to reform global financial governance. These issues form the core of this forum’s discussions.

This roundtable, taking the release of the report U.S. Sovereign Credit and Debt Crisis: A Ponzi Scheme on the Brink of Collapse? as its starting point, will focus on the root causes of the U.S. debt crisis, the structural fragility of the dollar system, and China’s strategic response. The event aims to provide both intellectual insight and practical pathways for the reconstruction of the global financial order—contributing to the creation of a fairer and more stable international monetary system.