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Dealing with China

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    Available in PDF - DJVU Format | Dealing with China.pdf | Language: ENGLISH
    Hank Paulson(Author)

    Book details

DEALING WITH CHINA takes the reader behind closed doors to witness the creation and evolution and future of China's state-controlled capitalism.

Hank Paulson has dealt with China unlike any other foreigner. As head of Goldman Sachs, Paulson had a pivotal role in opening up China to private enterprise. Then, as Treasury secretary, he created the Strategic Economic Dialogue with what is now the world's second-largest economy. While negotiating with China on needed economic reforms, he safeguarded the teetering U.S. financial system. Over his career, Paulson has worked with scores of top Chinese leaders, including Xi Jinping, China's most powerful man in decades.

In DEALING WITH CHINA, Paulson draws on his unprecedented access to modern China's political and business elite, including its three most recent heads of state, to answer several key questions:

How did China become an economic superpower so quickly?

How does business really get done there?

What are the best ways for Western business and political leaders to work with, compete with, and benefit from China?

How can the West negotiate with and influence China given its authoritarian rule, its massive environmental concerns, and its huge population's unrelenting demands for economic growth and security?

Written in an anecdote-rich, page-turning style, DEALING WITH CHINA is certain to become the classic and definitive examination of unlocking, building, and engaging an economic superpower.

"Engaging, well-written narrative." --Wall Street Journal, on Paulson's ON THE BRINK"Delivers a highly personal, you-are-there feeling for how top players in government and finance staved off a disaster." -- BusinessWeek, on Paulson's ON THE BRINK

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Book details

  • PDF | 448 pages
  • Hank Paulson(Author)
  • Headline (7 April 2016)
  • English
  • 3
  • Business, Finance & Law

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Review Text

  • By Mr. D. J. Walford on 3 January 2016

    China: The new international economic monolith. A nation whose future is written in the stars as a world leader, or so we've been led to believe. Henry Paulson delivers here both a clear and concise history of doing business in, and with, China and also provides a blueprint on how to improve business relations with the Asian giant in the future. Paulson himself is an expert in his field and I found 'Dealing With China' to be both hugely informative and very entertaining, especially as I have minimal knowledge and understanding of business practices in general. The author presents his work in clear and understandable language and I was greatly impressed both by the change that has taken place in China over the past twenty years but also the very positive and productive co-operation that has taken place between the United States and the Chinese. Mr. Paulson's book makes for a refreshing change.Mr. Paulson has spent nearly twenty years doing business with the Chinese. Whilst working for Goldman Sachs since the late nineties, through to his time as Treasury Secretary in Bush Jnr's government and his work beyond, the author provides a fascinating account on how he and his colleagues worked with China's leaders to assist them in building up and re-organising their burgeoning economic might. The gargantuan state operated enterprises (SOE) that characterised China's economy were unproductive and noncompetitive, making losses so huge that the true amount could not be ascertained. Paulson and Goldman Sachs provided much advise and expertise on where to make the correct alterations in order to achieve success. The first half of the book documents Paulson's time at Goldman Sachs and the processes employed to assist the Chinese including the re-organising of their industries, the changing of business practices and also the training of executive managers who are skilled enough to make the decisions required to succeed.The author became Treasury Secretary in 2006 and was to play a huge role in the creation of the Strategic Economic Dialogue (SED) between the United States and China. The SED, and it's successor under the Obama administration; the S&ED, has since become a major pillar in bilateral relations between the two nations. Indeed, the author highlights and re-emphasises just how co-operation is essential to future bilateral success and this constitutes a running theme throughout the book; the many positive benefits that come from constructive dealings with China and it's leaders. This is also assisted by the author's personal relationships with China's leaders.A huge amount has been achieved over the previous two decades, however, much more needs to be accomplished. Mr. Paulson is above all a realist and gives significant attention to issues and problems that China still faces in it's battle to achieve greatness. Much reform still needs to be made by China both socially and economically. SOE are still very noncompetitive and sluggish. These same SOE provide many non-profitable services and facilities to their workers who still need to be provided for in a post SOE environment. China still relies too much on it's exports to power its economy and needs to develop an internal market for commodities and services which is still some way from being achieved. There is great inequality in wealth, crippling corruption is rife and there are huge environmental issues which need to be dealt with thanks to Chinese cities rates of industrial production, something the author takes a personal interest in. Mr. Paulson also states that, in his expert opinion, a certain amount of political reform may need to occur in order for China to develop a truly competitive free-market economy; constructive criticism from an expert in his field.I have always been of the opinion that China's 'rise' is not inevitable and much needs to be done in order for the country to become the world power its been slated to be and Mr. Paulson's work confirms this view to an extent. China has come a very long way in the past twenty years, yet more needs to be done in order for that growth to continue, and the author acknowledges exactly this. This is an excellent work and is both a history of dealing with China and also a guide to future success as well. Above all, I was impressed by how much both US and Chinese officials were willing, and indeed are willing, to work together and build a secure world order.

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