December 05, 2008
Paulson In Beijing: US-China Relations "Vital"
BEIJING - In closing remarks today at the 5th session of the US-China Strategic Economic Dialogue, out-going Treasury Secretary Paulson said "the U.S. – China economic relationship will continue to be vital to the health of our two economies and the global economy" and generally praised the cooperative efforts to date between the USA and China to stabilize the global economy in the midst of the Panic of '08.
Several measures were unveiled including a $20 billion committment for each nation's export/import banks to extend credit to worthy importers.
The Strategic Economic Dialogue was started by Presidents Bush and Jiang. It has already lasted through China's presidential transition. Will it survive under President Obama?
Labels: exports, financial crisis, panic of 2008, paulson, strategic dialogue
October 09, 2008
"Canada is not China"
So says a former Fed official as the USA seeks well-capitalized banks to clean up Wall Street's big financial mess. Of course that comment simply means that Congress won't balk if Canada banks start buying up American assets. Of course, Canada is not China financially either. Unlike Canada, China is sitting on a the world's largest collection of dollar bills and American debt. As the current election cycle is showing, bigotry and ignorance of the world beyond the United States' coastlines may sell politically but it continues to do serious damage to the now short-term prospects for American citizens.
In a related note, the remainder of the BRIC countries (Brazil, China, India) will attend Treasury Secretary Paulson's emergency G7 and later G20 summit starting tomorrow. Russia is already regular member. Will we see a new Bretton Woods emerge? We'll find out Saturday when the meeting is supposed to make an announcement.
Labels: BRIC, china, financial crisis, paulson
September 24, 2008
China May Say NO to Derivatives
According to an "exclusive" at Bloomberg, Beijing is reconsidering whether to introduce derivatives and further liberalize China's financial sector. Hank Paulson's supreme reputation is seriously tarnished and that has diminished his still considerable guanxi with the State Council. I predict China will turn more to Europe now as its primary model.
Labels: china, derivatives, financial crisis, paulson
July 21, 2008
Learn From Subprime Says Paulson
Meeting with BusinessWeek magazine editors US Treasury Secretary Paulson told of a recent exchange with his Beijing buddies:
Vice-Premier Wang Qishan (his Chinese counterpart in the US-China Strategic Economic Dialogue) said to Paulson recently, “We’ve been listening a lot to you and now we find out our teacher has problems.” Paulson said he responded, “Learn from us and you can avoid some of the mistakes.”
Teacher has problems, indeed.
hat tip to John M at Calculated Risk blog
Labels: credit crunch, financial crisis, paulson, sed, strategic dialogue, subprime
June 17, 2008
Paulson: China and USA to Maintain "Global Economic System"
The 4th Strategic Economic Dialogue bilateral talks between China and the United States are underway in Annapolis, Maryland.
The Chinese delegation is emphasizing joint cooperation on energy and the environment stressing that the world's number 1 and 2 oil importers have much to gain by working together.
Treasury Secretary Hank Paulson said that both nations are responsible for "maintaining a stable, secure and prosperous global economic system."
It is only a matter of time before China becomes an issue in the Presidential elections. Will the strategic dialogue fall victim to politics by year's end?
Labels: china, chinese trade, paulson, strategic dialogue, treasury
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