Decades ago, the Chinese state began to accumulate gold merely as part of a makeshift backup plan. But it may have ended up with enough gold to make a real move away from fiat currency, which would be a disaster for its Western competitors.
"Economic development" schemes, like those used to attract big corporate headquarters to one's city, are really just a type of governmental central planning.
If the Chinese sell us stuff and then "hoard" the money we pay them, that increases the value of the dollars we continue to hold here in the US, while also leaving us with more stuff to sell elsewhere.
