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Henry M. Paulson

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Dealing with China: An Insider Unmasks the New Economic Superpower Hardcover – April 14, 2015

by Henry M. Paulson (Author)

4.3 415 ratings

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The New York Times bestselling author of Dealing with China takes the reader behind closed doors to witness the creation and evolution and future of China's state-controlled capitalism.

Hank Paulson has dealt with China unlike any other foreigner. As head of Goldman Sachs, Paulson had a pivotal role in opening up China to private enterprise. Then, as Treasury secretary, he created the Strategic Economic Dialogue with what is now the world's second-largest economy. He negotiated with China on needed economic reforms, while safeguarding the teetering U.S. financial system. Over his career, Paulson has worked with scores of top Chinese leaders, including Xi Jinping, China's most powerful man in decades.

In Dealing with China, Paulson draws on his unprecedented access to modern China's political and business elite, including its three most recent heads of state, to answer several key questions:

How did China become an economic superpower so quickly?
How does business really get done there?
What are the best ways for Western business and political leaders to work with, compete with, and benefit from China?
How can the U.S. negotiate with and influence China given its authoritarian rule, its massive environmental concerns, and its huge population's unrelenting demands for economic growth and security?

Written in the same anecdote-rich, page-turning style as Paulson's bestselling memoir, On the Brink, Dealing with China is certain to become the classic and definitive examination of how to engage China's leaders as they build their economic superpower.

Print length

448 pages
Language

English
Publisher

Twelve
Publication date

April 14, 2015
Dimensions

6.25 x 1.5 x 9.25 inches
ISBN-10

1455504211
ISBN-13

978-1455504213
See all details

Editorial Reviews

Review

"But Mr. Paulson's warnings demand attention...[he] knows more about China, its politics and the players behind it than most Westerners...Mr. Paulson's analysis in his book...are all the more remarkable because he has long been a bull on China and has deep friendships with its senior leaders."―Andrew Ross Sorkin, The New York Times

Praise for ON THE BRINK, New York Times, Wall Street Journal, and USA Today Bestseller

"Penetrating . . . goes behind closed doors . . . a highly personal, you-are-there telling for how top players in government and finance staved off a disaster that could have been much worse."―Bloomberg News

"Fast-paced . . . engaging . . . well-written."―Washington Post

"Highly detailed . . . a gripping book."―Wall Street Journal

"Concentrates on his extraordinary thirty months at Treasury . . . Paulson had to wrestle with more, and more burning, crises than any Treasury secretary in history."―Roger Lowenstein, author of The End of Wall Street, and journalist, New York Times Book Review

"Tells how he brought us back from the brink of financial collapse . . . [includes] major revelations . . . Read On the Brink and get Paulson's take on the whole affair."―Forbes.com

"The first lengthy account of the crisis from a key decision maker. The book offers a look at Paulson's thinking during those scary days, as well as his sometimes unvarnished opinions of other Washington characters, many of whom had central roles in managing the government's response."―Dallas Morning News

"A fantastic read . . . succinct and to the point."―Business Insider

About the Author

As the CEO of Goldman Sachs from 1999-2006 and then as the Treasury Secretary of the United States from 2006-2009, Hank Paulson has sat across the bargaining table from countless Chinese politicians as both a banker and a statesman. Since leaving Washington, the former Treasury Secretary has worked on bridging the gap between East and West through The Paulson Institute, which he describes not as a think tank but as a "think and do" tank.

Product details

Publisher ‏ : ‎ Twelve; Illustrated edition (April 14, 2015)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 448 pages
ISBN-10 ‏ : ‎ 1455504211
ISBN-13 ‏ : ‎ 978-1455504213
Item Weight ‏ : ‎ 1.52 pounds
Dimensions ‏ : ‎ 6.25 x 1.5 x 9.25 inches

Best Sellers Rank: #791,043 in Books (See Top 100 in Books)
- #395 in Government & Business
- #897 in Asian Politics
- #1,214 in Chinese History (Books)

Customer Reviews:
4.3 415 ratings

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Henry M. Paulson

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Henry M. Paulson, Jr. served under President George W. Bush as the 74th Secretary of the Treasury from June 2006 until January 2009. Before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs since the firm's initial public offering in 1999. He joined Goldman Sachs Chicago Office in 1974 and rose through the ranks holding several positions including, Managing Partner of the firm's Chicago office, Co-head of the firm's investment Banking Division, President and Chief Operating Officer, and Co-Senior partner.

Prior to joining Goldman Sachs, Paulson was a member of the White House Domestic Council, serving as Staff Assistant to the President from 1972 to 1973, and as Staff Assistant to the Assistant Secretary of Defense at the Pentagon from 1970 to 1972.

Paulson graduated from Dartmouth in 1968, where he majored in English, was a member of Phi Beta Kappa, and an All Ivy, All East football player. He received an M.B.A. from Harvard in 1970.

Customer reviews

415 global ratings

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Customers say

Customers find the book very good, interesting, and an essential read. They appreciate the brilliant insights and wonderful analysis about the US future. Readers also mention the book contains a wealth of knowledge and details about businessmen, state officials, and Republicans.

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Readability Insight

34 customers mention "Readability"34 positive0 negative

Customers find the book very good, essential, and interesting. They say the author did a great job writing it, providing a clear and concise view of China. Readers also mention the book is enjoyable and informative. In addition, they appreciate the plain language but rich details.

"...He's also quite candid and critical about the endless subsidies to some state owned industries that continue to run up debts...." Read more

"Henry (Hank) Paulson has written another very significant and interesting book...." Read more

"Really great read and very refreshing take on China's transformation over the past 30 years...." Read more

"Great book to read. This book will give you an understanding of how China became the number two economy in the world...." Read more

27 customers mention "Insight"27 positive0 negative

Customers find the book brilliant, insightful, and helpful for understanding how important it is to have good connections with Chinese. They say it contains a great many details about businessmen, state officials, and Republicans. Readers also mention the book provides an excellent summary of the recent history of China after it opened up to the rest of the world. In addition, they describe it as revealing and detailed.

"...demonstrate reasons to be optimistic because it contains a great many details about businessmen, state officials, and business schools trying to..." Read more

"...With few exceptions they are portrayed as very smart human beings who care deeply about their country...." Read more

"...What ever your interest in China this is likely a revealing story, if sometimes ambling and highly personal...." Read more

"...are valuable to both Democrats and Republicans, and he offers a lot of pragmatic examples of how the West can deal with a re-emerging, powerful China..." Read more

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Katz

Paulson's work shows in great detail what has been achieved by continuing American engagement ...

Reviewed in the United States on July 22, 2015

Verified Purchase

I would strongly suggest reading this book in tandem with Michael Pillsbury's 100 Year Marathon. Paulson's work shows in great detail what has been achieved by continuing American engagement with China. Pillsbury's contends that the economic reforms that Paulson anticipates are unrealistic and that a good deal of the economy will remain under state ownership and control. Both positions have their strengths and weaknesses.
Paulson's account does demonstrate reasons to be optimistic because it contains a great many details about businessmen, state officials, and business schools trying to foster best practices. There are also those working with Paulson and his wife on environmental issues. Most importantly Paulson notes that China refused Russian pressure to sell American investments during the 2008 financial crisis in order to undermine the American economy and give Russia and China an advantage. He's also quite candid and critical about the endless subsidies to some state owned industries that continue to run up debts.

I really enjoyed the details of the personnel and deals described and analyzed in this book, but I could easily imagine that other readers might find the mini resumes provided about nearly everyone in the book to be tedious. Paulson's editors should consider producing an abridged version to provide the book to a broader readership.

One comes away from Paulson's book impressed by the innovative instincts that allowed Goldman Sachs to help large state owned companies raise capital through the kind of IPOs usually reserved for publicly owned private companies. Clearly such actions have helped produce the Chinese economic miracle. However if one reads Pillsbury after reading Paulson one comes away thinking that the real reformers that could liberalize the economic and political order have been out of power since the Tiananmen Square protests in 1987 He contends that the leadership depended upon both economic growth and state control to prevent future mass movements. More importantly they've chosen to misrepresent and demonize American history to fuel nationalist competition with a supposedly anti-China America. All of this does not suggest that the reforms that Paulson thinks can be realized with engagement is realistic.

The reader can decide which side to believe but Paulson's book is a "must read" for anyone who wants to be part of the discussion about what to do about China's rise.

5 people found this helpful

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Alldeck

China, the Economic Power

Reviewed in the United States on June 27, 2015

Verified Purchase

Henry (Hank) Paulson has written another very significant and interesting book. Dealing with China:... is not nearly as exciting as On the Brink:... which treated the financial crisis. After all the United States economy was then in danger of entering another Great Depression. But Paulson has too much worthwhile experience with post 1978 China to ignore.

Henry Paulson is a master salesman of financial instruments. He sold those instruments as a partner and CEO of Goldman Sachs. China was a major focus over the years. Paulson knows his customers, and the Chinese People definitely were not those customers. Instead, his sessions and many trips were directed successfully at powerful members of the Chinese Communist Party. I reluctantly awarded four rather than five stars for readability. Keeping track can be tedious. I spent about a month of spare time reading the Kindle version.

There really are not many amusing moments to serve as respites. One is an incident with the US Navy that threatens to interfere with critical negotiations. The incident involves disrespecting a US aircraft carrier and DOD plans for retaliation. A mere ordinary Treasury Secretary might have trouble dealing with that situation.

There are some parts of this book that I especially noted. Paulson almost talks the Chinese leadership into accepting the elements of financial capitalism. But the financial crisis, with Paulson as Treasury Secretary, creates some second thoughts. Goldman Sachs generated much of the structure for the crisis.

Paulson is a conservative Republican, but he wants the Chinese to have a Government safety net as in the US. Why? Without the safety net, the Chinese save too much money and don't buy their products or foreign products. Also, unlike many of the politicians in his party, Paulson is an authentic environmentalist. He recognizes that the fantastically rapid economic growth of China creates a real pollution hazard and demand for resources. His own foundation now focuses on those problems.

I understand that for family reasons Paulson was reluctant to write this book and probably will not write another. But if he does, I will read it.

One person found this helpful

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Brian A. Powell

Refreshingly Positive Portrayal of Alarmists Favored Target

Reviewed in the United States on June 16, 2017

Verified Purchase

Really great read and very refreshing take on China's transformation over the past 30 years. Paulson very clearly admires and respects China's leaders. With few exceptions they are portrayed as very smart human beings who care deeply about their country. In contrast to many writers, Paulson found the Chinese to be honest and forthright. It is noted that change comes slowly while consensus is built with large groups of decision makers. Frequent mention is made of the Communist Party's ongoing struggles to root out bureaucratic corruption and fradulent business practices in a country with three times the population of the United States.

5 people found this helpful

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j

A must read! Shocking details.

Reviewed in the United States on August 26, 2019

Verified Purchase

Great book to read. This book will give you an understanding of how China became the number two economy in the world. Hank Paulson Jr. taught the Chinese government how the banking system works and so much more. China didn't become a powerful economy on their own. The U.S. made them powerful in so many ways. This book explains the most vital way. The Chinese government were smart to keep their mouths shut, observe and take notes.

3 people found this helpful

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Michele

ARTICOLATO, MA PESANTE

Reviewed in Italy on September 28, 2024

Verified Purchase

Interessante, ma un vero mattone...

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Amogh Thakur

Great read

Reviewed in India on July 23, 2020

Verified Purchase

In-depth topics discussed

Brian W. Raymond

How to Develop a Relationship with a Different People, China Rising.

Reviewed in Canada on June 6, 2015

Verified Purchase

Paulson has demonstrated a much better logical understanding of China and how they do things. Their progress has been remarkable. They are people of hopes and great progress. Their government system is effective and improving. This book should be mandatory reading for Congress, Senatae and President. Instead of mistrust and demands, cooperation with China could serve as a model of how to get along with the different peoples of the world. The chinese approach to change serves as a good model for the rest of the world. This book will have longivity.

Mr. D. J. Walford

Positive and Constructive Opinion on US-China Relations.

Reviewed in the United Kingdom on January 3, 2016

Verified Purchase

China: The new international economic monolith. A nation whose future is written in the stars as a world leader, or so we've been led to believe. Henry Paulson delivers here both a clear and concise history of doing business in, and with, China and also provides a blueprint on how to improve business relations with the Asian giant in the future. Paulson himself is an expert in his field and I found 'Dealing With China' to be both hugely informative and very entertaining, especially as I have minimal knowledge and understanding of business practices in general. The author presents his work in clear and understandable language and I was greatly impressed both by the change that has taken place in China over the past twenty years but also the very positive and productive co-operation that has taken place between the United States and the Chinese. Mr. Paulson's book makes for a refreshing change.

Mr. Paulson has spent nearly twenty years doing business with the Chinese. Whilst working for Goldman Sachs since the late nineties, through to his time as Treasury Secretary in Bush Jnr's government and his work beyond, the author provides a fascinating account on how he and his colleagues worked with China's leaders to assist them in building up and re-organising their burgeoning economic might. The gargantuan state operated enterprises (SOE) that characterised China's economy were unproductive and noncompetitive, making losses so huge that the true amount could not be ascertained. Paulson and Goldman Sachs provided much advise and expertise on where to make the correct alterations in order to achieve success. The first half of the book documents Paulson's time at Goldman Sachs and the processes employed to assist the Chinese including the re-organising of their industries, the changing of business practices and also the training of executive managers who are skilled enough to make the decisions required to succeed.

The author became Treasury Secretary in 2006 and was to play a huge role in the creation of the Strategic Economic Dialogue (SED) between the United States and China. The SED, and it's successor under the Obama administration; the S&ED, has since become a major pillar in bilateral relations between the two nations. Indeed, the author highlights and re-emphasises just how co-operation is essential to future bilateral success and this constitutes a running theme throughout the book; the many positive benefits that come from constructive dealings with China and it's leaders. This is also assisted by the author's personal relationships with China's leaders.

A huge amount has been achieved over the previous two decades, however, much more needs to be accomplished. Mr. Paulson is above all a realist and gives significant attention to issues and problems that China still faces in it's battle to achieve greatness. Much reform still needs to be made by China both socially and economically. SOE are still very noncompetitive and sluggish. These same SOE provide many non-profitable services and facilities to their workers who still need to be provided for in a post SOE environment. China still relies too much on it's exports to power its economy and needs to develop an internal market for commodities and services which is still some way from being achieved. There is great inequality in wealth, crippling corruption is rife and there are huge environmental issues which need to be dealt with thanks to Chinese cities rates of industrial production, something the author takes a personal interest in. Mr. Paulson also states that, in his expert opinion, a certain amount of political reform may need to occur in order for China to develop a truly competitive free-market economy; constructive criticism from an expert in his field.

I have always been of the opinion that China's 'rise' is not inevitable and much needs to be done in order for the country to become the world power its been slated to be and Mr. Paulson's work confirms this view to an extent. China has come a very long way in the past twenty years, yet more needs to be done in order for that growth to continue, and the author acknowledges exactly this. This is an excellent work and is both a history of dealing with China and also a guide to future success as well. Above all, I was impressed by how much both US and Chinese officials were willing, and indeed are willing, to work together and build a secure world order.

Mookie

An American view

Reviewed in Canada on May 12, 2015

Verified Purchase

A very American view on relations with China, the book is important despite its unfortunate sub-title. Paulson's views are important, not only because he has a long experience of dealing with Chinese leaders, but also because he was, for a time, a major player in the US government.

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