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Hank Paulson,the US Treasury secretary,acknowledged yesterday that the fall-out from the subprime crisis in the US had “no doubt” given the Chinese “pause” about the benefits of financial liberalisation.
Mr Paulson was speaking in Beijing,where he is meeting Chinese leaders,including Hu Jintao,the president,to prepare for the next round of the top-level dialogue between the two countries.This will be held in Washington in June.
Mr Paulson has pushed hard for a more liberalised financial sector in China during the talks,including allowing foreign banks and securities companies more access to the fast-growing banking and capital markets.
But China has so far proceeded cautiously,limiting the role of foreign banks and controlling even more tightly overseas brokerages,a sector in which local companies are especially weak.
“There is no doubt that what's happening in US markets clearly has to give pause to the Chinese,” he said.“They may be too polite to say it directly.”
Mr Paulson said he emphasised the benefits of more efficient capital markets as a device that could ensure ordinary citizens received an “adequate” return on their savings.
Without them,he said,the Chinese would continue to have high levels of “precautionary savings”,and the economy's development would be impeded.
The Treasury secretary also met Wang Qishan,the new vice-premier,who will be taking charge of the bilateral “strategic economic dialogue” on the Chinese side.
Hank Paulson,the US Treasury secretary,acknowledged yesterday that the fall-out from the subprime crisis in the US had “no doubt” given the Chinese “pause” about the benefits of financial liberalisation.
Mr Paulson was speaking in Beijing,where he is meeting Chinese leaders,including Hu Jintao,the president,to prepare for the next round of the top-level dialogue between the two countries.This will be held in Washington in June.
Mr Paulson has pushed hard for a more liberalised financial sector in China during the talks,including allowing foreign banks and securities companies more access to the fast-growing banking and capital markets.
But China has so far proceeded cautiously,limiting the role of foreign banks and controlling even more tightly overseas brokerages,a sector in which local companies are especially weak.
“There is no doubt that what's happening in US markets clearly has to give pause to the Chinese,” he said.“They may be too polite to say it directly.”
Mr Paulson said he emphasised the benefits of more efficient capital markets as a device that could ensure ordinary citizens received an “adequate” return on their savings.
Without them,he said,the Chinese would continue to have high levels of “precautionary savings”,and the economy's development would be impeded.
The Treasury secretary also met Wang Qishan,the new vice-premier,who will be taking charge of the bilateral “strategic economic dialogue” on the Chinese side.
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