Word: paulson
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...first conceived, the twice-yearly Strategic Economic Dialogue meetings between the U.S. and China were meant to be high-minded affairs, where long-term, structural issues of interest to both countries would be thoughtfully discussed. But no matter how much U.S. Treasury Secretary Henry Paulson and Chinese Vice Premier Wu Yi try to cast this week's summit as an intellectual exercise, the main issue confronting them is by no means academic. China's trade surplus with the rest of the world is now at a projected $400 billion, and there is no sign that it is going to shrink...
...available to us. But I was pleased to have the chance to talk to him and, of course, I have over the years worked with different Administrations in America - with Robert Rubin and Larry Summers as Treasury Secretaries, with Paul O'Neill and John Snow and now Hank Paulson - and I think with both parties in America relationships are strong...
...believe some U.S. officials, the Chinese people are way too thrifty. Hoping to help bring down the soaring U.S. trade deficit with China, which rose by 15% to $232.5 billion last year, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have urged Beijing to encourage Chinese consumers to spend more (preferably on U.S. imports) and save less. It's true that a culture of financial prudence has shaped the psyche of generations of Chinese, leading to a national savings account of $2 trillion at the end of 2006. But it isn't quite fair to suggest that overly...
...Clearly, this is not a picture of a population obsessed with dire financial scenarios. In coming years, this shift to a culture of consumption can be counted on to boost Chinese imports, contributing to more balanced global trade and putting Messrs. Paulson and Bernanke more at ease. Meanwhile, the aspirations of Chinese to improve their living standards, seek better education for their children, invest their growing wealth in new ways and savor a more worldly lifestyle will present huge opportunities for companies nimble enough to take advantage of this profound cultural change...
...Paulson disagrees with that characterization. "No one [in Beijing] is saying 'everything's great, let's leave it alone,'" he says. "Their discussion is all about, 'how fast do we move?'" He and his boss in the White House are hoping China's leaders move decisively within the next two years, before Bush's term expires and a new Cabinet is appointed. Otherwise, Hank Paulson might be the last friendly face at the U.S. Treasury the Chinese see for a while...