America has gained much from its relationship with China over the years, and Americans stand to benefit even more if the two countries can find new ways to work together, a former U.S. financial official said Monday.
"It's easier to work with China to deal with world problems," said Henry Paulson, who had a conversation with National Book Award winner Evan Osnos Monday night at Asia Society, talking about his new book "Dealing With China: An Insider Unmasks the New Economic Superpower."
"Just about every major global challenge we face -- from economic and environmental issues to food and energy security to nuclear proliferation and terrorism -- will be easier to solve if the world's two most important economic powers can act in complementary ways," he wrote in the book.
U.S. and China have the most critical bilateral relationship in the world, and it serves America's national security, economic health and environmental well-being to keep it strong.
In the not-too-distant future, China is likely to surpass the United States as the world's biggest economy. To cooperate successfully, while competing vigorously, Paulson thought that the U.S. should identify common interests with China.
Meanwhile, for China, Paulson believed, the growth rate is not important, but the quality of growth.
He said China's economy needs to depend less on exports and government investment.
Paulson is known for his knowledge of China from his days as Goldman Sachs chief executive and later as treasury secretary under President George W. Bush from July 2006 to January 2009.
He made more than 100 visits to China. Over his career, he has worked with scores of top Chinese leaders.
Paulson founded the Paulson Institute at the University of Chicago, which aims to promote economic ties and environmental cooperation between the United States and China.
