U.S. Treasury Secretary Henry Paulson said China continues to remain an example of economic strength amidst global financial unrest.
Despite revealing a slight slowdown, Sunday's figures for Chinese GDP, industrial production and retail sales, among others, proved the country's economy continues to expand.
Speaking to the National Committee on U.S.-China Relations Wednesday night, Paulson said his talks with Chinese Vice Premier Wang Qishan have proved the country is willing to work with the U.S. towards achieving stability in global markets.
"Governments must continue to take individual and collective actions to provide much-needed liquidity, strengthen financial institutions through the provision of capital and the disposition of troubled assets, prevent markets abuse, and protect the savings of their citizens," he said.
In terms of Chinese-U.S. relations, Paulson said he hopes the next United States President will encourage Chinese investment and foster further economic relations with China.
He said he hopes China will take note of mistakes made in the U.S., but continue to move forward reforming their own financial sector to balance growth, temper inflation and encourage innovation.
He also said he's happy the country has allowed the yuan to grow 20% since 2005, said it's unnatural for such a large economy to fix their currency.
By Megan Ainscow
©CEP News Ltd. 2008