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Китай – събуждането на един гигант
В момента в Китай има 174 града с население над 1 милион души. В САЩ са девет. Икономиката на Китай се изстреля нагоре, а сградите я последваха. Шест от петнадесетте най-високи небостъргача се намират там (други три са в САЩ). В Китай се строят още 62 такива колоса, включително осем от бъдещите десет най-високи.
Цялата инфраструктура е създадена с цел да свързва и обслужва градовете. В началото на реформите и на Отварянето към света през 1978 г. почти нямаше съвременни шосета. През 2013 г. националната магистрална мрежа се простираше на малко под 85 000 километра. Легендарната американска граница от 75 000 км междущатски магистрали беше надмината през 2011 г. Китай започна изграждането на високоскоростни железопътни отсечки през 2006 г., до днес са изградени над 11 000 километра такива линии, като всеки ден по тях са работили по 2 милиона души. САЩ нямат политика за строеж на скоростни жп линии, а първата такава в Калифорния ще е завършена вероятно през 2028 г. (До 2020 г. в Китай трябва да има почти 18 000 км високоскоростни железопътни линии.)
В своята книга Хенри Полсън отговаря на ред важни въпроси:
• Как Китай се превърна в икономическа суперсила?
• Как всъщност се прави бизнес там?
• Кои са най-добрите начини западните бизнесмени и политическите лидери да работят или да се конкурират с Китай?
• Как се работи с авторитарното управление, какви са мерките срещу мащабното замърсяване и как се отговаря на повишаващите се очаквания за икономически просперитет и сигурност в световен мащаб?
Цялата инфраструктура е създадена с цел да свързва и обслужва градовете. В началото на реформите и на Отварянето към света през 1978 г. почти нямаше съвременни шосета. През 2013 г. националната магистрална мрежа се простираше на малко под 85 000 километра. Легендарната американска граница от 75 000 км междущатски магистрали беше надмината през 2011 г. Китай започна изграждането на високоскоростни железопътни отсечки през 2006 г., до днес са изградени над 11 000 километра такива линии, като всеки ден по тях са работили по 2 милиона души. САЩ нямат политика за строеж на скоростни жп линии, а първата такава в Калифорния ще е завършена вероятно през 2028 г. (До 2020 г. в Китай трябва да има почти 18 000 км високоскоростни железопътни линии.)
В своята книга Хенри Полсън отговаря на ред важни въпроси:
• Как Китай се превърна в икономическа суперсила?
• Как всъщност се прави бизнес там?
• Кои са най-добрите начини западните бизнесмени и политическите лидери да работят или да се конкурират с Китай?
• Как се работи с авторитарното управление, какви са мерките срещу мащабното замърсяване и как се отговаря на повишаващите се очаквания за икономически просперитет и сигурност в световен мащаб?
496 pages, Paperback
First published January 28, 2014
387 people are currently reading
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About the author
Henry M. Paulson Jr.
15 books69 followersHenry Merritt "Hank" Paulson, Jr. (born March 28, 1946) is an American banker who served as the 74th United States Secretary of the Treasury. He had served as the Chairman and Chief Executive Officer of Goldman Sachs, and is now chairman of the Paulson Institute, which he founded in 2011 to promote sustainable economic growth and a cleaner environment around the world, with an initial focus on the United States and China.
Paulson was born in Palm Beach, Florida, to Marianna (née Gallauer) and Henry Merritt Paulson, a wholesale jeweler. A star athlete at Barrington High School, Paulson was a champion wrestler and stand-out football player, graduating in 1964. Paulson received his A.B. in English from Dartmouth College in 1968; at Dartmouth he was a member of Phi Beta Kappa and Sigma Alpha Epsilon and he was an All-Ivy, All-East, and honorable mention All American as an offensive lineman. Paulson received his Master of Business Administration degree from Harvard Business School in 1970.
He met his wife, Wendy Judge, a Wellesley College graduate, during his senior year. The couple have two adult children, sports-team owner Henry Merritt Paulson III, more commonly known as Merritt Paulson, and journalist Amanda Paulson. The Paulsons became grandparents in June 2007. They maintain homes in both Barrington Hills and Chicago.
Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972. He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973.
He joined Goldman Sachs in 1974, working in the firm's Chicago office under James P. Gorter, covering large industrial companies in the Midwest. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then Chief Operating Officer from December 1994 to June 1998, eventually succeeding Jon Corzine as chief executive. His compensation package, according to reports, was $37 million in 2005, and $16.4 million projected for 2006. His net worth has been estimated at over $700 million.
Paulson was nominated on May 30, 2006, by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary. On June 28, 2006, he was confirmed by the United States Senate to serve in the position. Paulson was sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006.
Paulson identified the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury. Paulson conceded that chances were slim for agreeing on a method to reform Social Security financing, but said he would keep trying to find bipartisan support for it. He also helped to create the Hope Now Alliance to help struggling homeowners during the subprime mortgage crisis.
After leaving his role as Treasury Secretary, Paulson spent a year at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University as a distinguished visiting fellow, and a fellow at the university's Bernard Schwartz Forum on Constructive Capitalism. His memoir, On the Brink Inside the Race to Stop the Collapse of the Global Financial System, was published by Hachette Book Group on February 1, 2010.
On June 27, 2011, Paulson announced the formation of the Paulson Institute, an independent center located at the University of Chicago, dedicated to fostering international engagement to address issues of global scope, with particular emphasis on cooperation between the United States and China. Paulson was also named as a senior fellow at the University of Chicago's Harris School of Public Policy. His five-year appointment took effect July 1, 2
Paulson was born in Palm Beach, Florida, to Marianna (née Gallauer) and Henry Merritt Paulson, a wholesale jeweler. A star athlete at Barrington High School, Paulson was a champion wrestler and stand-out football player, graduating in 1964. Paulson received his A.B. in English from Dartmouth College in 1968; at Dartmouth he was a member of Phi Beta Kappa and Sigma Alpha Epsilon and he was an All-Ivy, All-East, and honorable mention All American as an offensive lineman. Paulson received his Master of Business Administration degree from Harvard Business School in 1970.
He met his wife, Wendy Judge, a Wellesley College graduate, during his senior year. The couple have two adult children, sports-team owner Henry Merritt Paulson III, more commonly known as Merritt Paulson, and journalist Amanda Paulson. The Paulsons became grandparents in June 2007. They maintain homes in both Barrington Hills and Chicago.
Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972. He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973.
He joined Goldman Sachs in 1974, working in the firm's Chicago office under James P. Gorter, covering large industrial companies in the Midwest. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then Chief Operating Officer from December 1994 to June 1998, eventually succeeding Jon Corzine as chief executive. His compensation package, according to reports, was $37 million in 2005, and $16.4 million projected for 2006. His net worth has been estimated at over $700 million.
Paulson was nominated on May 30, 2006, by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary. On June 28, 2006, he was confirmed by the United States Senate to serve in the position. Paulson was sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006.
Paulson identified the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury. Paulson conceded that chances were slim for agreeing on a method to reform Social Security financing, but said he would keep trying to find bipartisan support for it. He also helped to create the Hope Now Alliance to help struggling homeowners during the subprime mortgage crisis.
After leaving his role as Treasury Secretary, Paulson spent a year at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University as a distinguished visiting fellow, and a fellow at the university's Bernard Schwartz Forum on Constructive Capitalism. His memoir, On the Brink Inside the Race to Stop the Collapse of the Global Financial System, was published by Hachette Book Group on February 1, 2010.
On June 27, 2011, Paulson announced the formation of the Paulson Institute, an independent center located at the University of Chicago, dedicated to fostering international engagement to address issues of global scope, with particular emphasis on cooperation between the United States and China. Paulson was also named as a senior fellow at the University of Chicago's Harris School of Public Policy. His five-year appointment took effect July 1, 2
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Displaying 1 - 30 of 165 reviews
May 5, 2015
The book is divided into 3 parts. A summary:
1/ Paulson was a great banker who, by using IPOs to stimulate accountability, restructuring and capital investment, helped the Chinese economy move from a centrally-planned system to a market-based one.
2/ Paulson was a great Treasury Secretary who, through small but significant agreements, helped the Chinese economy move from a centrally-planned system to a market-based one.
3/ The key for China's future success is continuing to move its economy from a centrally-planned system to a market-based one.
4/ Also, the environment.
I'm oversimplifying it, but not a ton. And for the record, I do think he was both a great head of Goldman Sachs and a fantastic Secretary of the Treasury. But the book itself is just meh. The stories are surprisingly engaging - surprisingly because it deals with 2 subjects (banking and policy) that I don't have much interest in. But it’s kind of awkwardly organized (he frequently mentions organizations and people then explains what and who they are many pages later) and tends to delve into repetitive minutiae (endless stories of yet another IPO) without drawing broad lessons.
That’s the fundamental problem I have with the book: only a fraction of it - a few pages at the end - actually involve how to deal with China. The stories that compose the rest of the book draw microconclusions, interesting for the story but disappointing given the title of the book.
1/ Paulson was a great banker who, by using IPOs to stimulate accountability, restructuring and capital investment, helped the Chinese economy move from a centrally-planned system to a market-based one.
2/ Paulson was a great Treasury Secretary who, through small but significant agreements, helped the Chinese economy move from a centrally-planned system to a market-based one.
3/ The key for China's future success is continuing to move its economy from a centrally-planned system to a market-based one.
4/ Also, the environment.
I'm oversimplifying it, but not a ton. And for the record, I do think he was both a great head of Goldman Sachs and a fantastic Secretary of the Treasury. But the book itself is just meh. The stories are surprisingly engaging - surprisingly because it deals with 2 subjects (banking and policy) that I don't have much interest in. But it’s kind of awkwardly organized (he frequently mentions organizations and people then explains what and who they are many pages later) and tends to delve into repetitive minutiae (endless stories of yet another IPO) without drawing broad lessons.
That’s the fundamental problem I have with the book: only a fraction of it - a few pages at the end - actually involve how to deal with China. The stories that compose the rest of the book draw microconclusions, interesting for the story but disappointing given the title of the book.
November 12, 2016
As a Chinese, I feel it should be renamed to "Dealing with Chinese Officials".
December 19, 2015
There is very little about China here (in fact there is more about the US), this is strictly a memoir.
"Dear Diary,
Today I saved the world economy and the environment. Again. I am best boss. I had lunch with some Chinese guys I despise (what simpletons they all are). No sacrifice too big for my country."
Wish this book had a more honest title. What surprised me most was how boring his life was. I have to assume he's holding out on the interesting bits. This would mesh with the level of honesty exhibited by the fact that he badmouths the Chinese leaders but only those who have been removed from power by now. I wonder if he realised how much that would stand out.
"Dear Diary,
Today I saved the world economy and the environment. Again. I am best boss. I had lunch with some Chinese guys I despise (what simpletons they all are). No sacrifice too big for my country."
Wish this book had a more honest title. What surprised me most was how boring his life was. I have to assume he's holding out on the interesting bits. This would mesh with the level of honesty exhibited by the fact that he badmouths the Chinese leaders but only those who have been removed from power by now. I wonder if he realised how much that would stand out.
November 11, 2015
Really dry, boring, and long. I was just glad to finish. Although, as others noted, the more interesting parts were near the end where Paulson actually addresses "dealing with china" at a high level with critical and strategic thinking. He dived too deeply into boring details too often.
The main reason this book falls short is almost certainly that Paulson's current endeavor, The Paulson Institute, works closely with many Chinese business partners. Thus he had to be sure to not burn any bridges and erred on the side of caution.
There were a few interesting tidbits here and there, but ultimately a major longwinded letdown.
The main reason this book falls short is almost certainly that Paulson's current endeavor, The Paulson Institute, works closely with many Chinese business partners. Thus he had to be sure to not burn any bridges and erred on the side of caution.
There were a few interesting tidbits here and there, but ultimately a major longwinded letdown.
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January 17, 2020На много места навлизането в икономически подробности беше интелектуално непосилно за мен, но все пак книгата ми беше интересна и много разшири представите ми за политиката и икономиката. Чудесно е, че я има на разположение на българските икономисти и политици, които биха поискали да се поучат от разказа на министъра на най-силната световна икономика за дългогодишните му партньорски отношения с Китай още от 80-те, когато Китай започва кажи-речи от нулата, докъм средата на второто десетилетие на XXI век, когато вече е втората икономическа сила. Такива лични разкази за мислите, решенията и действията на хора са принципно любопитни, а от хора на високо равнище са рядкост и открехват вратичка към съществена част от човешките механизми на света. За мен беше прекрасно смиряващо да чета как в Пекин са се провеждали големи срещи и взимали важни решения с въздействие върху целия свят и да се сещам, че горе-долу по същото време аз, в пълно неведение, съм карал скейт по пекинските велоалеи. На фона на ежедневното беснеене срещу Китай от страна на много западни медии може би най-интересен ми беше дипломатично-приятелският подход на Хенри Полсън към Китай, непоколебимата му подкрепа за страната по пътя на икономическото ѝ развитие, гледището му, че силен Китай е нещо добро за целия свят. В подробности е разказано за всичкото икономическо ноухау, което различни американски специалисти с готовност предават на китайски институции, било то консултации за приватизиране на държавните компании, изпълнение на първични публични предлагания, създаване на съвсем нов модел на програма по икономика и мениджмънт в университета “Цинхуа”, дори съвети за природозащита.
Преводът на Христо Димитров звучи много естествено на български, чете се плавно, китайските имена са транскрибирани точно, а обилието от икономически и политически термини е предадено ясно, уместно и последователно, поне от гледна точка на лаик в тези области като мен. Все пак е нашарен с доста коректорски недоглеждания, особено в средата на книгата, леки обърквации с транскрибирането (един и същи човек е понякога Джоу, понякога Чжоу) и нередки неуредици с глаголните времена. Само един пример за последното: “Мао Дзъдун веднъж нарече Дън Сяопин ходеща енциклопедия, поне така пише в авторитетната биография на Дън от Езра Фогел”. Щом е “поне така пише”, значи говорещият не е бил свидетел на изказването на Дън, тоест на български следва да се употреби преизказното наклонение: “нарекъл”. И последно – съзнавам, че оригиналното заглавие Dealing with China не е податливо на благозвучен български превод, но на мястото на издателите бих помислил още малко преди да се спра на твърде далечната според мен алтернатива “Събуждането на един гигант”. Разликата в посланията е съществена – първото предполага лична история на външен човек при преговарянето и разправянето му с Китай (какъвто всъщност е текстът между кориците), а второто създава усещане за обективно изследване на китайския възход (което би било съвсем различен текст). Все пак адмирации за “Сиела” за проекта.
Преводът на Христо Димитров звучи много естествено на български, чете се плавно, китайските имена са транскрибирани точно, а обилието от икономически и политически термини е предадено ясно, уместно и последователно, поне от гледна точка на лаик в тези области като мен. Все пак е нашарен с доста коректорски недоглеждания, особено в средата на книгата, леки обърквации с транскрибирането (един и същи човек е понякога Джоу, понякога Чжоу) и нередки неуредици с глаголните времена. Само един пример за последното: “Мао Дзъдун веднъж нарече Дън Сяопин ходеща енциклопедия, поне така пише в авторитетната биография на Дън от Езра Фогел”. Щом е “поне така пише”, значи говорещият не е бил свидетел на изказването на Дън, тоест на български следва да се употреби преизказното наклонение: “нарекъл”. И последно – съзнавам, че оригиналното заглавие Dealing with China не е податливо на благозвучен български превод, но на мястото на издателите бих помислил още малко преди да се спра на твърде далечната според мен алтернатива “Събуждането на един гигант”. Разликата в посланията е съществена – първото предполага лична история на външен човек при преговарянето и разправянето му с Китай (какъвто всъщност е текстът между кориците), а второто създава усещане за обективно изследване на китайския възход (което би било съвсем различен текст). Все пак адмирации за “Сиела” за проекта.
April 29, 2015
Goldman outmaneuvers its competitors and recommendations on how China can make structural changes to become even more powerful
The author is one heck of an effective salesman. Make connections, bring confidence and be unrelenting in follow through; former Secretary of the Treasury Henry Paulson demonstrates those qualities and an intellect and drive that has made his former company Goldman Sachs one of the leaders in Chinese mandates. A huge hunk of the book is about this interesting business story with only occasional barbs thrown at its arch enemy Morgan Stanley.
Odd to say, but this is not a book about understanding the Chinese people better.
It is part the narrative of a remarkable man's ability to penetrate a very difficult business access environment and succeed at it; and part thoughtful prescriptions to correct the many impediments that exist in the Chinese economy...with a dash of inspiration regarding the remarkable natural topography of China that is worth protecting and preserving.
The author is one heck of an effective salesman. Make connections, bring confidence and be unrelenting in follow through; former Secretary of the Treasury Henry Paulson demonstrates those qualities and an intellect and drive that has made his former company Goldman Sachs one of the leaders in Chinese mandates. A huge hunk of the book is about this interesting business story with only occasional barbs thrown at its arch enemy Morgan Stanley.
Odd to say, but this is not a book about understanding the Chinese people better.
It is part the narrative of a remarkable man's ability to penetrate a very difficult business access environment and succeed at it; and part thoughtful prescriptions to correct the many impediments that exist in the Chinese economy...with a dash of inspiration regarding the remarkable natural topography of China that is worth protecting and preserving.
March 26, 2019
I found this one to be quite boring.
This is Mr.Henry Paulson's memoir from the time when he worked with China. Not particularly gripping memoir I have to say. It describes policies and banking information from the Goldman Sachs CEO point of view. While reading this book, you feel like you are participating in a very long and boring corporate meeting. There is no real information about China economy, how it became main US creditor, what makes its economy to thrive - this is what I was hoping for.
If you are interested in banking corpo world and slightly condescending views of Mr. Paulson toward his Chinese counterparts, this book is for you.
This is Mr.Henry Paulson's memoir from the time when he worked with China. Not particularly gripping memoir I have to say. It describes policies and banking information from the Goldman Sachs CEO point of view. While reading this book, you feel like you are participating in a very long and boring corporate meeting. There is no real information about China economy, how it became main US creditor, what makes its economy to thrive - this is what I was hoping for.
If you are interested in banking corpo world and slightly condescending views of Mr. Paulson toward his Chinese counterparts, this book is for you.
May 1, 2015
By John Foley
Hank Paulson’s two decades of negotiations with China have left him with a wealth of anecdotes, presumably a sizeable stack of air miles and a new book, “Dealing With China”. Paulson shows himself a master of two rules of doing business in the People’s Republic: cultivate contacts like crazy, and know when to leave the killer details unspoken.
Paulson, who courted China as Goldman Sachs chief, U.S. Treasury secretary and then as head of his eponymous “think and do tank”, paints a vivid picture of a China that pretends to no longer exist. It’s a land where noble officials beg straight-talking American bankers to help get their finances in order - at least until the financial crisis. It’s a world where favours are repaid. It’s the first third of the book, in which Paulson establishes Goldman’s toehold in the People’s Republic, that resonates most.
America’s most controversial investment bank won the trust of Chinese officialdom when rivals mostly ignored the country. Morgan Stanley, an early mover in the 1990s through its joint-venture investment bank China International Capital Corp, was mired in infighting and ineptitude. To this day, Goldman is one of only two foreign companies permitted full management control over their brokerages in China.
Paulson might be most proud of his upfrontness and ability to listen, but readers will be more struck by an indefatigable pursuit of personal connections, and a willingness to use them opportunistically. An environmental-group meeting with President Jiang Zemin is seized as a chance to discuss Goldman Sachs’ role in China’s capital markets. While running the Strategic Economic Dialogue, he secures the outward passage of a formerly jailed activist.
Paulson flatters liberally and isn’t shy of basking in the adulation that he receives in return. He is branded a hero for visiting China during the SARS epidemic. He is “literally mobbed” by awestruck students after a speech at Tsinghua University. The biggest praise in Paulson’s world, which he both receives and gives frequently, is to be the kind of person who gets things done.
Copious diplomacy might be expected from a man who still has career ambitions in the People’s Republic. Still, in the memoir it grates. Take Paulson’s seemingly uncanny ability to distinguish heroes from villains. President Xi Jinping, central bank chief Zhou Xiaochuan, anti-graft tsar Wang Qishan and Premier Li Keqiang are instantly recognised by Paulson as good eggs. The treatment of Wang, who called in Goldman to help reconstruct the broken conglomerate Guangdong Enterprises in the 1990s, verges on hagiography.
Conversely the now-jailed Bo Xilai, with whom Paulson once shared a Whole Foods take-out dinner, is “overbearing and aggressive”. A memorably obnoxious power sector chief shows indifference over the destruction of the World Trade Centre in 2001, and later absconds in a graft scandal. There is disappointingly little colour about purged security chief Zhou Yongkang, even though Paulson worked since the 1990s with the then-head of Goldman client PetroChina.
Paulson does not discuss what might be Goldman’s most interesting Chinese moment: the bailout of Hainan Securities. Goldman donated around $60 million to the bust brokerage during Paulson’s stewardship. In return, from the ashes of Hainan Securities came a new licence that was awarded to the firm’s joint venture, where the U.S. group was allowed to take effective management control. Blessed personally by Wang Qishan, that odd deal would be difficult to imagine in today’s tough supervisory environment.
“Dealing With China” also glosses over some areas where things didn’t “get done”. Despite Paulson’s evangelism, unhelpful rules still stunt foreign financial companies in China. While foreign-invested brokerages have struggled, Chinese rivals like Galaxy and Citic have grown into aggressive colossi. And one of the main goals of part-privatising state enterprises like PetroChina, namely improving governance and bringing market discipline, has not been reached, as evinced by an ongoing parade of corruption purges and continued heavy-handed political management.
In later chapters the book descends into bland recitations of problems the Chinese government already talks about openly, like the need for more social mobility and a cleaner environment. The exception might be his criticism of internet and social restrictions, but here he pulls his punches, explaining how social oppression is “perfectly logical” from the ruling party’s perspective. Coy references to the Tiananmen Square massacre of 1989 make all too much sense in light of Paulson’s remarks that he hopes the book will be published in China in an uncensored form.
Maybe the biggest unspoken message of the book is that beneath the praise and friendship, it’s really all business. That’s one thing that hasn’t changed. Today, Goldman’s Asia head and vice chairman, Mark Schwartz, is the only foreign banker of his rank based in mainland China. But then he is also the highest paid of the company’s top executives, receiving a package worth $24 million in 2014, including a $6 million payment to spare him from the effect of China’s income taxes.
If Paulson created a template for dealing with China, it is to say what your hosts want to hear, while keeping a close eye on the financial prize.
(Original here)
Hank Paulson’s two decades of negotiations with China have left him with a wealth of anecdotes, presumably a sizeable stack of air miles and a new book, “Dealing With China”. Paulson shows himself a master of two rules of doing business in the People’s Republic: cultivate contacts like crazy, and know when to leave the killer details unspoken.
Paulson, who courted China as Goldman Sachs chief, U.S. Treasury secretary and then as head of his eponymous “think and do tank”, paints a vivid picture of a China that pretends to no longer exist. It’s a land where noble officials beg straight-talking American bankers to help get their finances in order - at least until the financial crisis. It’s a world where favours are repaid. It’s the first third of the book, in which Paulson establishes Goldman’s toehold in the People’s Republic, that resonates most.
America’s most controversial investment bank won the trust of Chinese officialdom when rivals mostly ignored the country. Morgan Stanley, an early mover in the 1990s through its joint-venture investment bank China International Capital Corp, was mired in infighting and ineptitude. To this day, Goldman is one of only two foreign companies permitted full management control over their brokerages in China.
Paulson might be most proud of his upfrontness and ability to listen, but readers will be more struck by an indefatigable pursuit of personal connections, and a willingness to use them opportunistically. An environmental-group meeting with President Jiang Zemin is seized as a chance to discuss Goldman Sachs’ role in China’s capital markets. While running the Strategic Economic Dialogue, he secures the outward passage of a formerly jailed activist.
Paulson flatters liberally and isn’t shy of basking in the adulation that he receives in return. He is branded a hero for visiting China during the SARS epidemic. He is “literally mobbed” by awestruck students after a speech at Tsinghua University. The biggest praise in Paulson’s world, which he both receives and gives frequently, is to be the kind of person who gets things done.
Copious diplomacy might be expected from a man who still has career ambitions in the People’s Republic. Still, in the memoir it grates. Take Paulson’s seemingly uncanny ability to distinguish heroes from villains. President Xi Jinping, central bank chief Zhou Xiaochuan, anti-graft tsar Wang Qishan and Premier Li Keqiang are instantly recognised by Paulson as good eggs. The treatment of Wang, who called in Goldman to help reconstruct the broken conglomerate Guangdong Enterprises in the 1990s, verges on hagiography.
Conversely the now-jailed Bo Xilai, with whom Paulson once shared a Whole Foods take-out dinner, is “overbearing and aggressive”. A memorably obnoxious power sector chief shows indifference over the destruction of the World Trade Centre in 2001, and later absconds in a graft scandal. There is disappointingly little colour about purged security chief Zhou Yongkang, even though Paulson worked since the 1990s with the then-head of Goldman client PetroChina.
Paulson does not discuss what might be Goldman’s most interesting Chinese moment: the bailout of Hainan Securities. Goldman donated around $60 million to the bust brokerage during Paulson’s stewardship. In return, from the ashes of Hainan Securities came a new licence that was awarded to the firm’s joint venture, where the U.S. group was allowed to take effective management control. Blessed personally by Wang Qishan, that odd deal would be difficult to imagine in today’s tough supervisory environment.
“Dealing With China” also glosses over some areas where things didn’t “get done”. Despite Paulson’s evangelism, unhelpful rules still stunt foreign financial companies in China. While foreign-invested brokerages have struggled, Chinese rivals like Galaxy and Citic have grown into aggressive colossi. And one of the main goals of part-privatising state enterprises like PetroChina, namely improving governance and bringing market discipline, has not been reached, as evinced by an ongoing parade of corruption purges and continued heavy-handed political management.
In later chapters the book descends into bland recitations of problems the Chinese government already talks about openly, like the need for more social mobility and a cleaner environment. The exception might be his criticism of internet and social restrictions, but here he pulls his punches, explaining how social oppression is “perfectly logical” from the ruling party’s perspective. Coy references to the Tiananmen Square massacre of 1989 make all too much sense in light of Paulson’s remarks that he hopes the book will be published in China in an uncensored form.
Maybe the biggest unspoken message of the book is that beneath the praise and friendship, it’s really all business. That’s one thing that hasn’t changed. Today, Goldman’s Asia head and vice chairman, Mark Schwartz, is the only foreign banker of his rank based in mainland China. But then he is also the highest paid of the company’s top executives, receiving a package worth $24 million in 2014, including a $6 million payment to spare him from the effect of China’s income taxes.
If Paulson created a template for dealing with China, it is to say what your hosts want to hear, while keeping a close eye on the financial prize.
(Original here)
December 30, 2018
I was expecting a book on trade Wars, economic sanctions, currency manipulation, cyber-espionage, and other hostile trading practices such as dumping, Chinese flooding of the US market with extremely cheap Goods to obtain in monopoly and then jacking up the prices. And the ever present fear of war with China. Anti-dumping trade disputes in the steel and textile Industries. This book hardly addresses these issues.
To begin, Paulson addresses the fledgling state-owned telecommunications company and in comparison with United States only a small percentage of the Chinese have access to wireless service and most of these people live on in the coastal regions or in the large cities, and even still the service is undependable and slow. This is where the author and Goldman Sachs step in with an offering to Ju Jintao to help the state-owned company go public with an IPO. After an important meeting making this offer with the leaders of the Marxist regime the author describes thinking "How exactly are we going to get this done?" The author and his team from Goldman Sachs also led the IPO of Bank of China Hong Kong
Paulson also discusses how he and Goldman Sachs helped lead Petro-china through major restructurings which was also introduced to the Chinese Public Market.
A crucial lesson in negotiating large business deals in a state-run authoritarian economy like China "...many officials could approve a deal, but it took only one well-placed official in a consensus ruled system to kill it."
The author is an avid conservationist and he used his clout with Chinese authorities to to convince them to strengthen the Chinese State Environmental agency and adopt new reforms to protect the environment at a time when China's surging industry was causing massive pollution. This along with the creation of China's first conservation area in the Ulong province. The area is about the size of the state of West Virginia. (see TNC - The Nature Conservancy)
The author is entirely neutral and if anything a little too complimentary of the Chinese government. He does not raise any criticism of Chinese Trade Practices such as the undervaluing of Chinese currency which has been detrimental to business in the United States
To begin, Paulson addresses the fledgling state-owned telecommunications company and in comparison with United States only a small percentage of the Chinese have access to wireless service and most of these people live on in the coastal regions or in the large cities, and even still the service is undependable and slow. This is where the author and Goldman Sachs step in with an offering to Ju Jintao to help the state-owned company go public with an IPO. After an important meeting making this offer with the leaders of the Marxist regime the author describes thinking "How exactly are we going to get this done?" The author and his team from Goldman Sachs also led the IPO of Bank of China Hong Kong
Paulson also discusses how he and Goldman Sachs helped lead Petro-china through major restructurings which was also introduced to the Chinese Public Market.
A crucial lesson in negotiating large business deals in a state-run authoritarian economy like China "...many officials could approve a deal, but it took only one well-placed official in a consensus ruled system to kill it."
The author is an avid conservationist and he used his clout with Chinese authorities to to convince them to strengthen the Chinese State Environmental agency and adopt new reforms to protect the environment at a time when China's surging industry was causing massive pollution. This along with the creation of China's first conservation area in the Ulong province. The area is about the size of the state of West Virginia. (see TNC - The Nature Conservancy)
The author is entirely neutral and if anything a little too complimentary of the Chinese government. He does not raise any criticism of Chinese Trade Practices such as the undervaluing of Chinese currency which has been detrimental to business in the United States
March 19, 2016
The correct title of this book should be My Dealings with China: An Insider Unmasks the New Economic Superpower. This book is the personal experiences of Paulson as he worked as head of Goldman Sachs, then, as Treasury secretary, in opening Chinese markets and stabilizing the US market in the beginnings of the 2008 crash. Interesting stories, great context to immediate Chinese economic and political history, but not a how to manual on how to "Deal with China."
Why I started this book: Overdrive recommended this title based on my past selections.
Why I finished it: Like I said, interesting... but I would have liked a little more overarching structure and a bigger conclusion and future recommendation section. Or a title change. Either option would have bumped it up a star.
Why I started this book: Overdrive recommended this title based on my past selections.
Why I finished it: Like I said, interesting... but I would have liked a little more overarching structure and a bigger conclusion and future recommendation section. Or a title change. Either option would have bumped it up a star.
May 26, 2016
A solid dose of GS propaganda scatters itself throughout the first part of the book in the chapters on financial reform, but setting that aside, Paulson makes very clear his opinion on the importance of forging a coherent working relationship between the US and China that will hopefully benefit both countries economically, environmentally, and perhaps even, militarily.
He also provides some interesting anecdotes and tidbits on operating in China from a business and personal perspective that are informative for somebody like me with virtually no experience whatsoever working with the Chinese.
He also provides some interesting anecdotes and tidbits on operating in China from a business and personal perspective that are informative for somebody like me with virtually no experience whatsoever working with the Chinese.
July 3, 2017
The book is divided into Goldman Sachs investment in China, Paulson's Treasury Secretary term and the Paulson Institute work in China. The stories can get a bit long and dry. The subject matter is mostly economic policy with key individuals sprinkled throughout each business deal. The ending of the book does address the main problem of Dealing with China. However, the majority of the book is a detailed account of each business deal Paulson handled in China.
January 30, 2017
I am amazed I made it through this book. Not surprisingly Mr. Paulson's book is quite dry and reads somewhat like an accounting textbook. It is, however, peppered with interesting and historical anecdotes. This book will allow you to have a greater understanding of the modern form of "communism" that China is embracing. Mr. Paulson is a classical "boring" banker who gets excited about interest rates. He is a Christian Scientist, family man, and overall honest businessman. He enjoys bird watching and environmental conservation. He is the complete opposite of the stereotypical "wall street" financial baron.
September 20, 2016
Finally finished this book on my Kindle. Mr. Paulson has written this great book on his years of dealing with China on various capacities. Fascinating stories and details about Chinese politicians and businessmen. A must-read if you want to understand current China and the state of U.S.-China relations.
October 2, 2016
Couldn't agree more with his perspective and views about China. The way he analyses the behaviors and reasons for the actions China took is very spot-on. A very good piece to read if you want to know how Chinese people think and try to understand why they do what they do, especially Page 357.
February 3, 2019
За специалисти може и да е много интересна, мен ме отегчаваше, тъй като възприемах книгата по-скоро като учебник. Имах отчайваща нужда да намеря тема за курсовата си работа, но не я открих тук.
Струва ми се, че трябва да имаш и малко допълнителни познания за Азия, азиатските пазари и икономики, политики и тъй нататък, за да може това нещо да ти е полезно. Не виждам как човек ще го хване от чисто любопитство. (Може би пък трябва да е такъв като мен... аз записах магистратура, обхващаща дори и икономическото развитие на региона, само от чисто искрено любопитство, а любовта към Азия е лек бонус. Сега любопитството ми се отплаща с материя, която е отвъд моя хуманитарен профил, хахах).
ПП: Не съм специалист точно по китайски, но според мен имената са изнервящо грешно предадени. Посочете ми един нормален човек, който да се казва Чжуе и си взимам думите назад (ама наистина да е със Чж, а не някой си Джу, Чу и вариации, такива хора е ясно, че ще се намерят)... Този кофти вариант транскрибция на български го има и при корейските имена, за жалост.
Струва ми се, че трябва да имаш и малко допълнителни познания за Азия, азиатските пазари и икономики, политики и тъй нататък, за да може това нещо да ти е полезно. Не виждам как човек ще го хване от чисто любопитство. (Може би пък трябва да е такъв като мен... аз записах магистратура, обхващаща дори и икономическото развитие на региона, само от чисто искрено любопитство, а любовта към Азия е лек бонус. Сега любопитството ми се отплаща с материя, която е отвъд моя хуманитарен профил, хахах).
ПП: Не съм специалист точно по китайски, но според мен имената са изнервящо грешно предадени. Посочете ми един нормален човек, който да се казва Чжуе и си взимам думите назад (ама наистина да е със Чж, а не някой си Джу, Чу и вариации, такива хора е ясно, че ще се намерят)... Този кофти вариант транскрибция на български го има и при корейските имена, за жалост.
December 19, 2024
En realidad creo que le pondria un 2,5/5 ⭐️
El principio del libro sin duda me ha gustado mucho, se centra más acerca de como (desde una perspectiva de muy altos cargos) se llegan a hacer negocios y sin duda enseña acerca de la cultura y la forma en China. Sin embargo, se limita a como desde las altas esferas y la burocracia china-estadounidense funciona. A pesar de eso, esta parte del libro me gusto mucho.
Cuando llegas a la segunda parte ya la cosa cambia. Los temas que trata sin duda me parecen interesantes, el tema medio ambiental, contaminación, la sobre población, corrupción, etc. Pero la forma de contarlo… es como si no dijeran nada, se me ha hecho eterno terminarlo porque con cada página que leía tenía que hacer un sobreesfuerzo por ver qué me querían decir.
En fin, tenía este libro en la biblioteca de casa desde hace tiempo y ahora por fin me lo he leído. ¿Lo recomiendo? Solo para leerse la primera parte si es que el tema te interesa, sino, pues meh
El principio del libro sin duda me ha gustado mucho, se centra más acerca de como (desde una perspectiva de muy altos cargos) se llegan a hacer negocios y sin duda enseña acerca de la cultura y la forma en China. Sin embargo, se limita a como desde las altas esferas y la burocracia china-estadounidense funciona. A pesar de eso, esta parte del libro me gusto mucho.
Cuando llegas a la segunda parte ya la cosa cambia. Los temas que trata sin duda me parecen interesantes, el tema medio ambiental, contaminación, la sobre población, corrupción, etc. Pero la forma de contarlo… es como si no dijeran nada, se me ha hecho eterno terminarlo porque con cada página que leía tenía que hacer un sobreesfuerzo por ver qué me querían decir.
En fin, tenía este libro en la biblioteca de casa desde hace tiempo y ahora por fin me lo he leído. ¿Lo recomiendo? Solo para leerse la primera parte si es que el tema te interesa, sino, pues meh
August 24, 2019
Libro denso sobre China. Me ha costado acabarlo. Me recordó un poco al de Kissinger. Hay tres partes, una su experiencia en Goldman Sachs, otra como secretario del Tesoro de EEUU y la final más por su cuenta con su propia fundación. Creo que le sobran muchas páginas, se repiten algunas cosas y la lectura termina haciéndose pesada y aburrida. No obstante, al final, el libro ayuda a entender muchas cosas sobre China, a través de la experiencia profesional y personal de Henry. M Paulson. La primera parte es la más densa y pesada. Libro para freakies sobre China, como al final es mi caso 😏📚
December 6, 2020
Not many insights as I expected. More like “how I dealt with China” 😟
May 24, 2020
Good book, talks about dealing with China like the title itself from the prespective of Hank Paulson. Very interesting to me because it gives a different perspective on how you see the current Trade War and how the culture differences factors in how you should negotiate or manage the relationship between Western and East culture.
December 21, 2016
Recently read "Dealing With China" by Henry M. Paulson. It is a detailed account on the recent political and business history of China. It spans from 1978-2015. Very detailed. Very personal. Henry Paulson, who was the secretary of the treasury during the Bush administration, recalls his business deals he made with the Chinese government during his tenure as an investment banker and CEO of Goldman Sachs and also being secretary of the treasury for the United States. His personal accounts of creating Petro China, one of the greatest companies in the world by revenue and influence is fascinating. Along with dealing with interesting and some unsavory characters within the government of China, Mr. Paulson doesn't sugarcoat any accounts nor leave out any important examples. If you are a business major or interested in business management and world affairs I definitely recommend "Dealing With China."
December 11, 2017
For someone like myself without extensive knowledge of China this served as an interesting overview by Paulson from his different vantage points. It's pretty clear that he has kept his cards close to his vest and hasn't shared true insights into his thinking and strategies but instead has outlined the conceptual consensus thinking. Oftentimes I felt I was reading crib notes on his rolodex about his network (and gave up trying to follow all the whose who). I did respect the book's concluding paragraph. I thought the subtitle "An Insider Unmasks the New Economic Superpower" misleading.
June 11, 2015
This book is about Henry M. Paulson' JR. He served as CEO of Goldman Sachs (1999-2006) and he was the 74th secretary of the U.S. Treasury (2006-2009). He sat across the bargaining table from Chinese politicans, and CEO and as a statesman. As Treasury Secetary he created the strategic economic dialogue with China, He helped them economic reforms, while safeguarding the U.S. financial system. He now runs a think tank for.
September 1, 2018
Henry Paulson's activity in China shows the governmental and non governmental sides of the interactions between the People's Republic of China and the United States. Students of politics, economics, or current events/recent history will find the account interesting, even if it does occasionally read like an advertisement for the Paulson Institute or Goldman Sachs or a who's who of the government in China.
September 10, 2020
Extremely bland, and doesn't deliver what it promises to. I'm not quite sure who the audience for this book this, but it's definitely not someone just interested in China and business and economics in general. It's basically his memoirs, and I wish it had clearly been marketed as such so I could have saved my time.
June 8, 2017
first 50% is good with quite some Chinese gossips.
the 2nd half is dry in contents... and quite a pain to read..
I have to finish every book I started, so that's quite some pain to flip to the last page..
the 2nd half is dry in contents... and quite a pain to read..
I have to finish every book I started, so that's quite some pain to flip to the last page..
July 15, 2025
I felt that the first half was much more interesting and entertaining than the second. the second part felt like a commentary on America-China policy history while the first part felt like an actual first person view of the decision making which took place
September 17, 2015
Boring and wordy. No insight, no critical thought. He keeps talking about the importance of us- china relation but offers nothing new there. I would not recommend it.
January 19, 2016
A lot good info about China and its development as well as Paulson's dealings in China. An interesting read.
August 9, 2017
The book shows that economic reforms in a undemocratic country is possible to alleviate its people from poverty and a sense of optimism about China as the world's largest economy by 2030.
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