The Chinese market is not the only stock market suffering a hit. Asian stocks nose-dived on Monday, as the first-ever downgrade of the US credit rating jolted the global financial system. But as the largest foreign holder of US bonds, China is voicing particular concern over the US's economic management.

It's been two days since Standard and Poor's downgraded the US to a double A plus. rating.

But the aftershock is far from over.

As share prices tumble, fears of another global slowdown are on the rise.

One investor said "I think it's a bit scary at the moment. The whole world has got too much debt, so we need to cut down the debt. Governments have to take a look at that I think, and companies as well."

Too much debt. It's a problem that's reared its ugly head time and time again, only to be fixed in the short term by further borrowing.

Since the U.S. got its triple A rating in 1917, its bulging national debt has never been fully addressed.

But now it's crunch time.

The clock is ticking. The world's largest economy has its back against the wall, and this time, a long term solution must be found.

In a recent commentary, China's Xinhua news agency urged the US to cure its addiction to debt.

It says China has every right to demand Washington take a long term view, to fully address its problems and safeguard Chinese dollar assets.

It called on the US government to re-establish old fashion values of living within its means.

China, the largest creditor of the world's sole superpower, has every right to demand the United States address its structural debt problems and ensure the safety of China's dollar assets.

The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of situations of its own making are finally over.

To cure its addiction to debt, the United States has to re-establish the common sense principle that one should live within one's means.

With holdings of 1.2 trillion dollar-dominated assets, the Chinese government seldom voice dissatisfaction with US economic policy, fearing it would make matters worse.

The commentary carried by Xinhua News Agency was Beijing's first official response to last week's landmark decision by S&P.

What effect the comments will have, or what pressure will be brought to bear on Washington's divided Capitol Hill lawmakers... only time will tell.