U.S.-China Business in the New World Order

Hank Paulson, Joseph Stiglitz, top Chinese and U.S. CEOs tackle U.S.-China tensions

On April 12, China Institute convened the 2018 Executive Summit, “U.S.-China Business in the New World Order,” featuring former Secretary of Treasury Henry M. Paulson, Jr., Nobelist Joseph Stiglitz, former IMF chief John Lipsky, TKK Chairman Sing WANG, Under Secretary of Commerce Gilbert Kaplan, and many U.S. and Chinese CEOs.

In the midst of heightened U.S.-China trade tensions, speakers discussed the rise of China and challenges and opportunities faced by Chinese businesses investing in the United States and their U.S. counterparts operating in China. “As the United States promotes its America First policy, and China expands its global influence through One Belt One Road, nationalist and populist sentiments in both countries are on the rise,” said China Institute President James Heimowitz. “It’s increasingly important to find practical ways in which businesses can flourish and work together, underpinning the world’s most important bilateral relationship. This conference aims to add nuance to a conversation that is too often portrayed in black and white terms.”

“A trade war is in no one’s interest. Contrary to what the President of the United States says, no one wins a trade war,” former Treasury Secretary Hank Paulson said in conversation with Harvard Business Review Editor in Chief Adi Ignatius, “So we need to get out of this situation. And the first thing you need to do is ratchet down the rhetoric and look for solutions. China has been pretty moderate in their rhetoric so far, which I think is a positive thing.”

Paulson noted the current emphasis in the West on reciprocity. “I think there’s a growing recognition on China’s part that they can’t expect the rest of the world to stay open for their companies to compete if they don’t open up for others,” Paulson added. “I think the Chinese are prepared to have some concrete market opening, structural reforms…that, particularly if they could accelerate the timeline a little bit, would be a win for both countries. But that of course would not be the end of the economic issues, because I believe the economic relationship between China and the U.S. will be fraught and intense for some time.”

Watch Video (Former Treasury Chief Paulson Says U.S.-China Trade War Is in No One’s Interest)

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Media Coverage

Bloomberg, April 12, Former Treasury Chief Paulson Says U.S.-China Trade War Is in No One’s Interest Learn More

Bloomberg, April 12, John Lipsky Says Trade War Rhetoric ‘Unsettling’ Learn More

Bloomberg, April 12, Joseph Stiglitz Discusses U.S.-China Tensions Learn More

Bloomberg, April 12, Stiglitz Says China Has a ‘Good Understanding’ of the United States Learn More

Bloomberg, April 12, Ex-Treasury Chief Paulson Sees China Impasse Ending in Win-Win Learn More

South China Morning Post, April 13, US official accuses China of ‘industrial cyber spying’ amid looming trade war Learn More

South China Morning Post, April 11, Amid historical reverberations, NY-based China Institute to address rising US-China tensions Learn More

South China Morning Post, April 12, Donald Trump is a ‘demagogue’ whose China tariffs are punishing ordinary US citizens, says American economist Joseph Stiglitz Learn More

South China Morning Post, April 13, Beijing should use ‘first rate’ economic team to launch reforms, former US treasury secretary Henry Paulson says Learn More

South China Morning Post, April 13, Why Former Treasury Secretary Hank Paulson Is Applauding Trump’s Trade War Learn More

腾讯财经, April 13, 一线|在美中企解析美国政治运行规律:联邦和地方态度并不一致 Learn More

Forbes, April 15, America Needs Clearer Definition of IP Theft Amid Growing Tension with China Learn More

Yahoo Finance, April 15, What Hank Paulson likes about Trump’s trade policy on China Learn More

Xinhua, April 13, U.S. unilateral tariffs against China undermine rule-based int’l trade: Stiglitz Learn More

World Journal, April 13, 中美貿易戰 美國站不住腳 Learn More

China Daily, April 16, US Nobel economist: Trump should focus on multilateral deficit, work through WTO Learn More