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As the director of the U.S. liaison office to the People’s Republic of China from 1974 to 1975, President Bush was the United States’ first envoy to the country.

Regions Slapping tariffs unilaterally on Chinese goods would be an egregious violation of WTO rules and would surely lead to economic warfare between Washington and Beijing—a nightmare scenario under almost any sensible estimation. Frustrated Bush officials put greater emphasis on a new strategy, pressuring the International Monetary Fund to change its rules and use its authority as the voice of the international community to chastise countries with “fundamentally misaligned” exchange rates—China being the obvious target. It was under the Bush administration’s watch that economic relations between the two powers began to go badly awry.  |  Regions

And now the foundations of that system have been fractured by the capricious behavior and contempt for international rules of the current U.S. president. Although not a speaker of Chinese, he gleaned a keen sense of how the country’s system worked, having met its top leaders on many occasions in their Beijing compound.When he was summoned to the White House to be offered the Treasury post, therefore, Paulson sought approval from President George W. Bush to take command of the administration’s economic policy toward China. This was the inception of a new policy direction, variously dubbed “state capitalism,” “techno-nationalism,” and “China Inc.” Although the private sector was vibrant and flourishing, intervention by the government and the Communist Party would become far more pervasive than before.

Amid the steady debilitation of other Wall Street firms, Paulson was peppered with questions from the Chinese about the health of U.S. banks, the adequacy of Washington’s response, and the safety of China’s holdings of U.S. securities. © 2020 George H. W. Bush Foundation for U.S.-China Relations Regions

The groundbreaking visit was kept so secret that even Bush was unaware. With them are NYSE Chairman Richard Grasso (from left), American International Group CEO Maurice Greenberg, and Goldman Sachs CEO Henry Paulson.Few could have imagined such a turn of events when Hu Jintao became China’s president on Nov. 15, 2002, less than a year after the nation joined the WTO. Paulson was in a “super cabinet” position, leading a 28-person team that included six of his fellow cabinet members plus agency heads, notably Federal Reserve Chairman Ben Bernanke. Though the terms of the U.S. debate on China have shifted dramatically over the last several years, the Bush China Foundation remains committed to its positioning in the “sensible center” of U.S.-China discourse and faithful to the vision of its namesake. United States

The People’s Bank of China, meanwhile, slashed interest rates and also used a policy tool available to few central banks elsewhere: It doubled the target for bank lending, which major banks were obliged to obey with a splurge in credit for state-owned and private Chinese businesses. And in important respects, the Hu-Wen leadership duo did continue to pursue the market-opening path that had been blazed by their predecessors, Jiang Zemin and Zhu Rongji, during China’s entry into the WTO. At a banquet, he made sure to invite Fang Lizhi and his wife, who were then China’s most famous political dissidents. Beijing got manufacturing jobs to lift its massive workforce out of poverty, while Americans got cheap electronic devices, clothing, and other imported goods, together with bargain-rate mortgages. Beijing insiders struggled to characterize the 59-year-old Hu as anything more than a bland, cautious enigma of strict loyalty to the Communist Party.

Interdependence bound the U.S. and Chinese economies together in an embrace popularly dubbed “Chimerica,” despite—or rather, because of—their vast differences.

That would be the most effective way of exploiting China’s “top-down yet consensus-driven decision making,” according to Paulson.The outcome can be described as incremental at best.

The “relief ” recommended was quotas limiting the number of imported Chinese pedestal actuators for three years.But three months later, the White House announced that Bush was exercising his right to reject the commission’s recommendation.

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These companies were corporate behemoths—PetroChina, China Mobile, Dongfeng Motors, and Sinopec, for example—that competed fiercely in private markets and issued much of their stock to global investors.  |  The payoff was that output expanded at a pace of 9.1 percent in 2009, almost matching the previous year’s growth rate and far outstripping economies in the rest of the world.In China, reformers who favored additional progress toward liberalizing markets and rolling back party-state control were thrown on the defensive.

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