Paulson urges Beijing to speed up reform

Hank Paulson, US Treasury secretary, outlined a new approach to economic and trade relations with China on Thursday in a speech calling on authorities in Beijing to deepen reforms of financial markets and let in more foreign investors and investment banks.

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In a 45-minute address to financial executives in Shanghai, Mr Paulson made only one indirect reference to China鈥檚 policy for the renminbi, the economic issue that has dominated debate between the two countries in recent years.

Instead, he used his only public comments of a two-day trip to China to urge the country鈥檚 leaders to speed financial reforms in order to create more balanced economic growth, encourage innovation and make better use of natural resources 鈥