With
China's rapid
growth cementing the country as a global economic powerhouse, the
Sino-US relationship is becoming more important than ever before.
US Treasury Secretary Henry Paulson's address to the Shanghai
Futures Exchange yesterday centered around this theme. Paulson's
speech was rounding out his two-day tour of China, set to ease the
terrain ahead of the second round of Sino-US strategic economic
dialogue in Washington in May.
"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, addressing around 300 people, including
central bank Governor Zhou Xiaochuan, government officials, scholars
and business representatives.
This forms Paulson's third visit to the Asian power since his
accession as Treasury Secretary and he duly reiterated that his
position has always been intricately linked with China since the
economic relationship between the two powers forms an essential
part of all bilateral relations.
"The economic relations between our two nations are crucial to
the global economy, and I believe we share many of the same goals.
The US advocates the same policies of openness and market
principles that China's leaders have embraced to bring balanced,
harmonious growth to your nation," Paulson said.
In the last five years, the US and China have been jointly
responsible for over 50 percent of global growth, thus ensuring
China's continuing economic success will be crucial not only to its
own people but to the rest of the world as well, he said.
Paulson, visiting in Shanghai after a short meeting with Vice
Premier Wu Yi on Wednesday in Beijing, also spoke of
his admiration for the achievements of China's banking, securities
and insurance sectors.
"China has understood the benefits of a deeper, more
sophisticated and more competitive financial sector will make
aspirations of harmonious growth a real possibility. Already,
significant changes have been made, changes I have witnessed
first-hand," he lauded.
One of these accomplishments is the recapitalization of four of
China's top five state-owned banks. Furthermore, the country has
invited strategic investors and closed initial public offerings,
the benefits of which are seen in terms of corporate governance,
external audits and new public shareholders.?
(China Daily March 9, 2007)
