Former US Treasury Secretary Paulson urges more China-US dialogue

The former US Treasury Secretary has called for regular dialogue between China and the US to help resolve trade disputes. He made the remarks in a meeting with Long Yongtu, Secretary-General of the Boao Forum for Asia.

Henry Paulson says the US-China Strategic and Economic Dialogue is very important for the two countries to settle the disputes.

Paulson spoke highly of China's methods in tackling the global financial crisis. He says the world should be grateful to China, and that the four trillion yuan stimulus plan has worked well. On the issue of the Chinese currency exchange rate, Paulson says it's only one part of China-US ties and will not affect trade relations between the two. He also notes that as a nation with its own sovereignty, China has the right to make any decision, including its exchange rate.

Paulson also notes that the United States needs a robust financial regulatory system as the current structure, built in the wake of the Great Depression in the 1930s, lags far behind new developments.