Paulson asks for reforms
9 March 2007
US Treasury Secretary Henry Paulson has asked China to push through reforms of its financial markets, AFP reported. In a keynote speech delivered during a visit to Shanghai, Paulson said China's current economic strength puts it in a unique position to stage the reforms that he argued were required to keep growth on track. His policy prescriptions for China include strong property rights, robust supervision by regulators, sound accounting and governance standards, stronger financial institutions and independent credit rating agencies. The former Goldman Sachs chief's remarks came after a meltdown on the booming Chinese stock market last week that was followed by equities turmoil around the world.
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