Currently, the process is underway and the economy of America has gone back toward the right direction, about which Paulson said he was optimistic. However, he also said, what is good about America is that any problem emerged would be quickly put under attention and a reform would be carried out. As he emphasized, the outdated regulatory system is neither comprehensive enough to cover non-bank financial institutions, nor flexible enough to deal with the ever-changing market situations. What are responsible for the crisis, according to him, should be the mistakes made by policy makers, bankers, non-financial institutions, investors and regulators. He said the crisis is not the fault of the market, which has been putting capital behind ideas, creating jobs, promoting prosperity and improving lives through past twenty years globally, especially in China. Paulson also explained his understanding of the economic crisis and expressed confidence for the future. There are always tensions and differences, but the strategic relationship has been coming closer, for both parts have essential benefits in stable global growth, global trade, international investment, anti-terrorism, prevention of nuclear proliferation, environmental protection, energy efficiency and other issues. Paulson said he believed that China and America enjoy mutual economic benefits. China had been the engine for global economy in the crisis, he said, and every Chinese should be proud.
Paulson congratulated the achievements of Chinese economy after the Reform and Opening-up. He has also been planning to continue contributing to clean energy, conservation and other environmental issues around the world, including in China. He said he was glad to see his memoir On the Brink translated into Chinese. Paulson first reviewed his personal work after leaving the post as Treasury Secretary. He recalled the first meeting Paulson had with Tsinghua students in September 2006. Vice President XIE Weihe of the University opened the speech by reviewing the friendship between Paulson and Tsinghua University, especially Tsinghua SEM. The speech took place in the Auditorium of Weilun Building. As an Honorary Member of the Advisory Board, he expected to see further cooperation with the University. Paulson said he was glad to visit Tsinghua for the second time. He said the Advisory Board of Tsinghua SEM has been making significant contributions to Tsinghua University as a whole, and he would like to thank Paulson for his efforts along the development of the Board. HU Heping extended welcome to Paulson on behalf of the University. Paulson, Jr., Former United States Treasury Secretary, an Honorary Member of Tsinghua SEM’s Advisory Board, delivered a speech named “Leadership on the Brink” at Tsinghua SEM on April 7, 2010.īefore the speech, Paulson met with Tsinghua University’s Council Chairman HU Heping and Vice President XIE Weihe.
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