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Finance

China Wants to Be the World’s Banker

China Wants to Be the World’s Banker

China Wants to Be the World’s Banker

China Wants to Be the World’s Banker

By

Henry M. Paulson, Jr.

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December 9, 2020

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The U.S. remains the dominant force in the financial-services industry, leading in nearly every area of finance, from venture capital and private equity to banking and asset management. The liquidity and scale of U.S. capital markets support the primacy of the dollar, which allows Americans to pay less for foreign goods and helps finance U.S. government spending. America’s financial leadership, however, is increasingly being challenged by fierce competition from abroad and by shortsighted and counterproductive policies at home. Maintaining U.S. financial pre-eminence should be a priority for the Biden administration.

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