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Home >> Business
UPDATED: 08:53, June 02, 2006
The China factor in Paulson nomination
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Some experts believe that the nomination of Henry Paulson Jr., chairman of the investment bank Goldman Sachs, as the new treasury secretary is out of President Bush's prior-to-all concern over the trade relations with China.

Shanghai-based International Finance News quotes a former US official with close ties with both the White House and the Wall Street that the Paulson's familiarity with China underlies the nomination and that indicates President Bush takes the issue of RMB exchange rate and trade relations with China on the top agenda of the last two years of his tenure.

Outgoing secretary of treasury John Snow said in an interview after his resignation that he hopes Paulson be his successor and that protectionism will be the greatest challenge Paulson would have to face.

Several well-informed sources say Paulson would not accept the position unless he is assured of his personal participation into the decision making instead of peddler of Bush's economic policies.

Paulson expressed similar opinions about China, exchange rate issue and the trade in an interview in Germany last September. He noted that China's investment on the dollar assets delivered the same significance to both countries. He asserted that the adjustment on the exchange rate would cure the imbalanced trade. But he added that the pre-condition was that the U.S. would not wage a trade war or reinforce its trade barriers.

Goldman Sachs vice chairman Robert Hormats commented that Paulson had clear understanding about China, about China's economic operation, about the interest of the Corporate US in China and about the challenges in the face of the US competitiveness.

However, it remains to be seen whether Paulson, who has no political experience, will place itself on the same record as he did at the Wall Street.

By People's Daily Online


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