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Why China’s economic reforms are critical to the United States

The Honorable Henry M. Paulson, Jr.

By Henry M. Paulson, Jr. (original source The Washington Post)

“How serious are China’s economic problems, and how big an impact will they have on the United States and world economies? Beijing and Washington, separately and jointly, will determine the answers.

First, both countries are essential to global growth, and both must carry out structural reforms to move their economies onto a growth-conducive footing for the long term.

One byproduct of China’s recent stock market volatility has been the emergence of a veritable army of “perma-bears” who believe the Chinese economy is essentially falling off a cliff. Growth in China is slowing and will continue to do so in years to come. But the stock market drop in itself tells us little about China’s real economy.”

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