China's economic growth important to world: Paulson
(Xinhua) Updated: 2006-10-13 14:10
U.S. Treasury Secretary Henry Paulson said Thursday that China's economic
development is "very, very important" to China and the rest of the world.
U.S. Treasury Secretary Henry Paulson,
seen in September 2006, said that China is unlikely to overtake the
United States as the world's largest economy, and in fact faces important
"downside" risks. [AFP] | "I really believe
that a China that is a growing part of the global economy is going to benefit
the U.S. and benefit the rest of the world," Paulson said in an interview with
Fox News.
Paulson said that China's economic relationship is very important with the
United States and with the rest of the world.
"And the more constructive engagement we all have together, the higher the
cost of any kind of conflict or anything that would undermine the global
economic stability," he added.
Paulson noted that the United States has some very important economic
relationships, "but I really believe the most important long-term economic
relationship we're going to have is going to be our relationship with China and
vice versa."
Mentioning that some people are concerned that China is somehow or other
going to outcompete the United States and overtake the U.S. economy, Paulson
said that "the thing I am most concerned about is that China won't move ahead
quickly enough with their reforms and that if they don't move ahead quickly
enough with their reforms, then they may have their own economic issues."
China has got some formidable economic challenges, he said, "I would like to
believe they're going to continue with their reform program and that they're
going to accelerate the pace of those reforms."
"China needs to keep growing its economy, needs to keep reforming its
economy, needs stable economic relations around the world, and I think that's
very important of China," Paulson said. (For more biz stories, please visit Industry Updates)
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