As one of the largest holders of U.S. debt for the last two decades, China has not shied away from lecturing the United States about its financial behavior.

Like a parent scolding a child for racking up credit card bills, China needled Washington to protect its assets during the 2013 debt ceiling impasse and blamed Americans for setting off the 2008 global financial crisis with their profligate spending.

But as American lawmakers debated, and ultimately passed, a giant domestic bill championed by President Trump that is projected to add more than $3 trillion to the federal debt by 2034, China has remained largely silent despite the potential long-term risk it poses to its holdings.

China’s main concerns about its holdings has long been over the dollar’s value and whether the United States will fail to pay its obligations, said Yasheng Huang, an economist at the Massachusetts Institute of Technology.

“These two concerns are far more material today,” he said. “The dollar has already depreciated, dragging down the Chinese holdings. In terms of the other concern, I personally do not trust this administration to uphold rule of law and debt obligations.”

In covering the debate, Chinese state media have emphasized how divisive the bill has been and the seeming futility of the American democratic process to reflect popular will. Reports described the debates as a “political circus,” while Chinese pundits said the vote highlighted “increasing polarization” in the United States.