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The Chinese economy has huge potential and flexibility.

With its population making up one fifth of the world's total, China offers a market with enormous potential.

If the Chinese economy can be opened so that currencies are convertible, Chinese tourists can take money and go see the world. Chinese businessmen can go and buy property in the U.S. and France and every place. All of a sudden, it's just going to be a blossoming global economy. I think it's going to be good for everybody.

Increasingly, the Chinese will own a lot more of the world because they will be converting their dollar reserves and U.S. government bonds into real assets.

We all know that China is industrializing at a growth rate of 8 to 10 percent per year. China is on track to pass the U.S. as the largest economy in the world in 20 to 25 years, and China is determined to give its people a chance at this high standard of living that we enjoy.

There's something about China and its rush to capitalism that I find confusing. At the same time, we live in an America where capitalists oppose any government interference with free markets, while in China you have a very controlled, state-planned market where economic growth is better than ours.

I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.

Markets are frequently ahead of, and often out of sync with, the economy.

As I talk with the Chinese on currency, I encourage them to move much more quickly with opening up their capital markets to competition, because I don't believe the world is going to give them as much time as they would like.

In the '80s and '90s, China went through a giant change. It needed all resources. At the time, I was in the recycled paper business, and I realized the China market was a blank slate.