Ex-Treasury chief Paulson urges Washington and Beijing not to let US-China ties spiral
Former US Treasury Secretary Henry Paulson urged Washington and Beijing to manage their escalating strategic competition. Paulson warned that deepening distrust now poses a greater risk than trade imbalances and could spiral into broader conflict.
South China Morning Post reported that former US Treasury Secretary Henry Paulson said in a speech at the Tsinghua PBCSF global finance forum in Beijing that the relationship between the two countries is the world's most consequential bilateral tie. Paulson stressed that decoupling fragments global markets and distorts capital flows and that Beijing and Washington have an obligation to manage the relationship carefully.
The report covered Paulson's call for China to further open its financial services sector to foreign investment. Paulson met AIIB President Jin Liqun and former People's Bank of China Governor Yi Gang in side meetings. Yi Gang said in a statement that communication channels with US financial firms must be preserved.
According to Reuters, Paulson's speech came a week after the US Trade Representative announced plans for new technology export restrictions on China. The Shanghai Composite gained 0.9 percent after the address. The CSI 300 financial services index also reached the week's highest level. This is not investment advice.
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