Yang Xiong, Henry Paulson talk about cooperation

(Shanghai Daily) – Shanghai Mayor Yang Xiong met a delegation led by former US Treasury Secretary Henry Paulson last Friday.

Yang spoke highly of Paulson and the Paulson Institute for their efforts to promote China-US cooperation. He said the financial sector is a key industry in Shanghai and the city is striving to become an international financial center.

The mayor briefed the guests on the development of Shanghai Free Trade Zone and the reforms and innovations carried out in the zone to facilitate investment and trade and to further open the financial market to foreign companies. He said the FTZ has become a springboard for foreign investors to enter the China market and for Chinese companies to invest abroad.

Yang said Shanghai is quickening its steps to become a global innovation center. There are huge potentials for the two countries to cooperate in this area.

At the same time, Shanghai increased spending on environmental protection to check air and water pollution and to restore wetlands, he said, adding that Shanghai wants to increase cooperation with the Paulson Institute in economy, finance and environmental protection.

Paulson said that the United States and China have many common interests. His institute is keen to promote economic growth and environmental protection in both countries through projects and research activities.

He said the Paulson Institute hopes to expand cooperation with Shanghai because it is a dynamic city and a major window on China’s economic and social progress.