No, China is not destroying the American economy. While American markets do rise and fall with news from Beijing, it's largely just a reflection of how intertwined the worlds two biggest economies are. China is the biggest sole holder of federal national debt, holding about 10% of it, nearly $2 trillion. China also sells the American lots of textiles, manufacturing and even food, whose cheap prices do help the standard of living in North America. Potential downsides do exist though, as there is a huge trade defecit, and concerns over food safety and currency manipulation. Still, the two countries work on these issues when they can and even plan to jointly help develop electricity access in Africa.