The close economic and financial ties between the U.S. and China create potentially greater risks for America's global clout if the two countries separate further.
The same argument holds true for the financial industry, he said, eventually threatening New York's role as the world's financial center, while helping other cities like Tokyo — and ultimately Shanghai — fill that gap. "Unless something goes terribly wrong in China, no other nation will wish to decouple from its financial markets," Paulson said. "So China will be a big part of the global financial picture in decades to come.
Earlier on Thursday, Chinese Premier Li Keqiang and the leaders of the World Bank, International Monetary Fund and World Trade Organization, among other organizations, held a press conference in Beijing after their fourth roundtable meeting.global financial safety net, " IMF Managing Director Kristalina Georgieva said. "We are very grateful to our shareholders, very grateful to China, for bringing up our financial resources to $1 trillion so we have a cushion — should we need it. And of course, working together, we may not need that cushion."
Chinese Premier Li Keqiang and the leaders of the six major international economic and financial institutions held a press conference in Beijing after their fourth roundtable meeting.Paulson noted other countries still have the choice to work with the U.S. alone over China, potentially shutting Chinese companies out of those markets. "So China needs to think hard about its unwillingness to open up the architecture of its domestic standards,“ he said.
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