Calling China a “global economic leader” and noting that over the past five years, the U.S. and China spurred more than 50% of global growth, Treasury Secretary Henry M. Paulson, Jr. told business leaders in Shanghai that “China’s continued economic success is not only vitally important to the people of China, but also to the rest of the world.”

As such, Paulson said, China must embrace reforms in its financial services markets. “Open, competitive, world-class financial markets are the backbone of stable and balanced growth,” he said. As such, he recommended “sound accounting standards, strong corporate governance, strong financial institutions, independent financial analysis and research, a meaningful disclosure regime and independent credit rating agencies.”

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