WORLD / Wall Street Journal Exclusive
Paulson's Trip to focus on China
By DEBORAH SOLOMON (WSJ)
Updated: 2006-09-03 09:58
http://online.wsj.com/public/article/SB115715198422952315-HpVDxmnSNFy4fA5dr
ew_EbmFYtE_20060908.html?mod=regionallinks
After nearly two months on the job, Treasury Secretary Henry Paulson is
set to make his first official trip overseas this coming week when he
heads to Vietnam to huddle with other finance ministers at the
Asia-Pacific Economic Cooperation forum.
The trip to Hanoi will be closely watched -- both here and abroad -- for
what Mr. Paulson has to say about China and the role it plays in global
trade imbalances. Asian leaders, and financial markets around the world,
are looking for clues to whether Mr. Paulson's approach to China will be
different and, perhaps, more successful, than predecessor John Snow's.
Mr. Snow sought to apply quiet diplomatic pressure on China rather than
lecture the Chinese, and the Chinese did make a high-profile move to a
more flexible currency on his watch.
Mr. Paulson, a former Goldman Sachs chief executive, has had extensive
dealings with the Chinese, and is sure to fine-tune the Bush
administration's approach. Indeed, with domestic economic policy on hold
until after November's elections, Mr. Paulson is likely to make dealing
with China one of his top priorities.
To date, Mr. Paulson has continued to assert the administration's
position that China should work to strengthen its currency. While that
position won't change, Mr. Paulson is likely to start advocating a more
holistic approach to dealing with China -- focusing more on the country's
macroeconomic picture and less on individual issues, such as exchange
rates or intellectual-property rights.
The U.S. has a widening trade deficit with China, which has caused
political angst among both Democrats and Republicans eager to find
someone to blame for American workers' worries in an election year. But
Mr. Paulson, who became the chief bond salesman for the U.S. government
when he took the Treasury post, is aware that China has become one of the
biggest holders of U.S. debt.
Although Mr. Paulson will see China's finance minister in Hanoi, he isn't
expected to say much publicly about China while at the APEC meetings.
He'll save that for later in the month when he visits China and attends
the annual meetings of the International Monetary Fund and World Bank in
Singapore.
APEC isn't "a signature venue for dealing with global finance issues,"
says former Clinton economic adviser Daniel Rosen, now a consultant with
China Strategic Advisory, "but it has a lot of value as an informal
caucusing among fellow finance officials from the region," which is
increasingly important to the U.S. -- and the global -- economy.
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