Paulson: China must recognize global trade role

WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Monday China should accept greater responsibilities for its growing economic influence and he chided Beijing for what he called a protectionist stance in global trade talks. In an opinion article written for Foreign Affairs magazine, Paulson also said China has made progress on allowing its yuan currency to rise, but further appreciation was needed to help it deal with rising inflation. "As a country deeply invested in the global economic system, China would benefit from playing an increasingly proactive role in global economic decision-making," Paulson wrote. "And yet it seems to be doing the opposite in the Doha round of international trade negotiations." "Its insistence on protecting its own industrial development is driving other countries to do the same... [read full story]