BIZCHINA / Center
Paulson: Sino-US relations 'globally important'
By Wang Zhenghua (China Daily)
Updated: 2007-03-09 08:30
Governor Zhou Xiaochuan (left) of the People's Bank of China shakes hands
with US Treasury Secretary Henry Paulson at the Shanghai Futures Exchange
yesterday.
SHANGHAI: With China's double-digit growth leading the country to become
a leader of the global economy, the Sino-US relationship has become more
important than ever before.
This was the main theme of US Treasury Secretary Henry Paulson's address
to the Shanghai Futures Exchange yesterday. Paulson's speech was a
highlight of his two-day tour of China, which is intended to pave the way
for the second round of Sino-US strategic economic dialogue in Washington
in May.
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"We welcome China's growth and integration into the world economy, as it
benefits the Chinese people and the people of the world," Paulson said to
an audience of about 300, including central bank Governor Zhou Xiaochuan,
other government officials, scholars and business representatives.
"Because of its size and its role in world markets, China is already a
global economic leader and deserves to be recognized as a leader," he
added.
During his third visit to the rising Asian power in his current position,
Paulson said he has focused intensely on China from the day he became
treasury secretary, because the economic relationship between the two
powers is an important part of their overall relationship.
"The economic relations between our two nations are vital to the future
of the global economy, and I believe we share many of the same goals. The
policies of openness and market principles that the United States
advocates are similar to those that China's leaders have embraced to
bring balanced, harmonious growth to your nation," Paulson said.
Over the last five years, the United States and China accounted for more
than 50 percent of global growth, and China's continued economic success
is not only vitally important to the people of China, but also to the
rest of the world, he said.
Paulson, who arrived in Shanghai after a brief visit to Beijing for a
short meeting with Vice-Premier Wu Yi on Wednesday, also hailed the
progress made in China's banking, securities and insurance sectors.
"You have recognized that a deeper, more sophisticated and more
competitive financial sector will help you to achieve your aspirations of
harmonious growth. And already, you have made significant strides. I have
seen your progress on a first-hand basis," he said.
For instance, the country has recapitalized four of its top five
State-owned banks. Even more importantly, it has invited strategic
investors and completed initial public offerings, which bring enhanced
corporate governance, external audits and new public shareholders.
"As someone who in my former job participated in, and hopefully
positively contributed to, this process, I was highly impressed by the
speed with which you move to execute a plan once your leaders have made a
decision," he said.
(China Daily 03/09/2007 page13)
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