Isn't that a distinction without a difference? The U.S. Fed creates money out of thin air and then lends it to the Treasury. Eventually the Fed gets it back fr

Isn't that a distinction without a difference? The U.S. Fed creates money out of thin air and then lends it to the Treasury. Eventually the Fed gets it back from the Treasury and deletes it. China skips the lending step. The difference between the two is merely a matter of accounting and at the end of the day, the accounting difference doesn't impact anything.