Truth is hard

14 September 2006 By Edward Hadas Follow @edwardhadas

The US Treasury Secretary hopes flattery will soften the Chinese. But he ignores their main concerns jobs, politics and a banking mess. He is no more insightful on his own economy. The US has as much to lose as to gain from a freely floating renminbi.

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Hank Paulson, the US Treasury Secretary, gave a speech on Tuesday in anticipation of a trip to China next week. In it he said, I will say: We want you to succeed. Bigger domestic markets and more success for you mean expanded markets, a higher standard of living and more jobs in the U.S. It also means lower prices for U.S. consumers and higher returns for U.S. investors. The United States has a huge stake in a prosperous, stable China – a China able and willing to play its part as a global economic leader. We are not afraid of Chinese competition. We welcome it.

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