Why is china buying other country's debts?

Why is China buying so many debts from other country? China is still a developing country with growing domestic problems such as social inequality and the widening gap between rich and poor? Why not spend the money on solving such issues and preserving their culture? Why waste money buying debt from Spain, US,... show more Why is China buying so many debts from other country? China is still a developing country with growing domestic problems such as social inequality and the widening gap between rich and poor? Why not spend the money on solving such issues and preserving their culture? Why waste money buying debt from Spain, US, Greek, Hungary etc? What benefit will they get from that? What is one day all the countries go into default...wouldn't China be doomed? Wouldn't that say cause WW3?
I just don't understand,, how can a country go bankrupt? Wwhat measures must have pushed them into going in debt? How can a developing country manage to not go into debt and buy in others?
China may appear rich on the outside but I am frustrated at the shallowness displayed by most of my people- shallow, materialized and pathetic. They wasted millions of dollars just for New Year concerts...what is going on with the world. How is it fair that some people suffer and have so little and some burn away cash and have so much?

I am no economist but I have being taking note of my country's growth but I am still baffled to why suddenly, it is not 'rich' enough to buy in debt?

BTW, I object to the whole china peril thing, I don't think that having someone else's debt will be a way to control...

I'm just curious

thx
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