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Paulson speaks of need for strong China

As the credit crunch has struck markets worldwide, one lingering question has been how the turmoil will affect China’s burgeoning economy. Tuesday evening in New York, Treasury Secretary Henry Paulson spoke about China’s economic health and addressed its relationship with the United States in a speech to the National Committee on U.S.-China Relations.

I really have no idea what he is wearing here.

I really have no idea what he is wearing here.

It’s clear that from Paulson’s perspective, the strength of the Chinese economy can serve as a buffer against the chaos in the American and European markets.

“While some see China as a threat that must be countered or contained, I believe that the only path to success with China is through engagement,” Paulson said. “We must recognize that China’s growth is an opportunity for U.S. companies and consumers, for our producers, exporters and investors. A stable, prosperous and peaceful China is in the best interest of the Chinese people, the American people and the rest of the world.”

The full transcript of Paulson’s remarks can be found after the jump.

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