Business Channel 2007-03-11&13
时间：2007-08-02 02:43:08
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Henry Hank Paulson has visited China more than 70 times, but it's his first trip to a Shanghai financial market as US Treasury1 Secretary. Paulson toured the Shanghai Future Exchange Thursday, the final stop of his three-nation swing through Asia. The exchange is about to offer investors2 a way to make more complicated trades, a sign that markets here are advancing, exactly what Paulson thinks China needs.
I believe increasing the pace of reform in your financial services markets is in the best interest of China's future.
Since last July, Paulson has been thinking a lot about China's future as well as the future of the US. The former chief of investment bank Goldman Sachs is trying to improve the two countries' economic relations while coming under huge pressure from the US Congress to take action against the growing trade deficit/ with China.
Paulson's got a trade balance, you know, because on one hand, you want to encourage the mainland authorities to continue these powerful gradual liberalization and reform, but at the same time, you got a political agenda.
There has been increasing acrimony between the two countries, because some US politicians are blaming China for unfair trade practices. US officials in recent years have been highly critical of China's restrictive currency regime. The currency is blamed for keeping Chinese products artificially competitive. But on this trip, Paulson comes with a different softer message.
Allowing more foreign participation3 in China's financial markets would speed reform, as well as the stability and prosperity it would bring.
Some reforms Paulson would like to see: more open trade in stocks, bonds, and China's currency. And China looks as though it's interested in some changes.Notes: balance of trade
n.
The difference in value between the total exports and total imports of a nation during a specific period of time
Futures Market:
An auction4 market in which participants buy and sell commodity/future contracts for delivery on a specified5 future date. Trading is carried on through open yelling and hand signals in a trading pit
Bond:
A bond is simply a loan, but in the form of a security, although terminology6 used is rather different. The issuer is equivalent to the borrower, the bond holder7 to the lender, and the coupon8 to the interest. Bonds enable the issuer to finance long-term investments with external funds. Debt securities with a maturity9 shorter than one year are typically bills. Certificates of deposit (CDs) or commercial paper are considered money market instruments.
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