From NPR
Despite the recent slide in its growing market, China needs to pursue reforms to open up its economy as quickly as possible, says United States Treasury Secretary Henry Paulson. On the eve of his trip to China, Japan and South Korea, Paulson says he’s more concerned about the broader Chinese economy than the tumultuous week in global stock markets.
As Paulson prepares for his third trip to China in the eight months he’s been secretary, the Dow Jones Industrial Average lost more than 100 points today ” capping the worst week on Wall Street in more than four years.
The Treasury secretary says that China’s markets don’t yet reflect the country’s economy ” a situation which he says increasingly flexible currency and trade policies would improve.[Full Text]
