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Comprehensive Sino-U.S. economic ties key to global growth: Paulson

10-26-2011 09:17 BJT

WASHINGTON, Oct. 25 (Xinhua) -- Deeper and more comprehensive Sino-U.S. economic ties will contribute to an accelerated and more balanced global growth, which was mired in downside risks from both sides of the Atlantic Ocean, former U.S. Treasury Secretary Henry Paulson said here on Tuesday.

Former U.S. Treasury Secretary Henry Paulson delivers a speech at Johns Hopkins University
in Washington D.C., capital of the United States, Oct. 25, 2011. Deeper and more
comprehensive Sino-U.S. economic ties will contribute to an accelerated and more balanced
global growth, which was mired in downside risks from both sides of the Atlantic Ocean,
Paulson said here on Tuesday. (Xinhua/Zhang Jun)

China, the United States and Europe are serving as the principal growth engines of the global economy, while the world is increasingly looking to China to boost global demand and growth, Paulson said at an event hosted by Johns Hopkins University.

The world economy is confronted with a set of tough challenges. The U.S. financial institutions were better capitalized compared with 2008, but the world's largest economy is facing headwinds of restoring economic growth and putting its fiscal house in order with households still working to repair their balance sheets, said Paulson.

"In Europe, leaders are wrestling with difficult fiscal conditions of several European Union (EU) members as well as some complex challenges around the structure of the EU, and they are working to stabilize their banks," he added.

China's success in sustaining growth, fighting inflation and its economic growth model transition is also closely connected to the U.S. economic prosperity, added Paulson, a distinguished senior fellow at the University of Chicago's Harris School of Public Policy Studies.

The United States should facilitate investment from China, in a bid to create more quality jobs, as job creation is the top priority of the U.S. government, he told a group of professors, students and reporters.

Paulson noted that both countries should endeavor to unlock the potential of the capital market, work to strengthen market confidence, promote bilateral trade and innovation.

Every global challenge can be addressed more effectively if the key advanced countries could work with China in a complimentary way, he added.

Editor:Wang Xiaomei |Source: Xinhua

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