Paulson Warns China in Latest Visit

With congressional heat on the record U.S.-China trade deficit as a backdrop, the Treasury Secretary presses again for a more open market

One might think U.S. Treasury Secretary Henry Paulson really, really likes China. After all, his whirlwind two-day trip to Beijing and Shanghai, which ended Mar. 8, was his third visit in seven months (all told, his tally has topped 70 trips, including those during his previous incarnation as chief executive for Goldman Sachs Group). But the reality is far different. Paulson's quick meeting with Vice-Premier Wu Yi in Beijing and a speech at the Shanghai Futures Exchange were focused on the rising U.S.-China trade frictions, fueled by a trade deficit that grew 15.4% to a record-breaking $232.5 billion last year.

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