U.S. Relations With the People's Republic of China (2007)

The Department of the Treasury

December 11, 2007
HP-725

Statement by Secretary Paulson on Opening of NYSE Office in Beijing

Beijing, CHINA--Treasury Secretary Henry M. Paulson, Jr. today issued the following statement on the opening of the NYSE's representative office in Beijing:

"Good afternoon. I'm pleased to be here with Duncan Niederauer and Mayor Bloomberg. Today's event marks China's continued progress in developing and opening its financial markets. A presence for the NYSE here creates opportunities for U.S. investors and U.S. financial services firms.

"The presence of the NYSE here will also give Chinese companies, and particularly its dynamic private sector, greater opportunities to access global financial markets. Meeting U.S. listing requirements will support China's efforts to strengthen corporate governance.

"As I've said before, as China opens to foreign financial services institutions, China is the big gainer. International expertise coming to do business here provides jobs and training for Chinese professionals, building expertise here that results in more competitive financial markets which spread the benefits of economic growth more broadly among the Chinese people."