Quote

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.

As the United States chains itself down with greater debt, China is building relationships across the globe to bolster its trade, its access to natural resources, and its energy consumption. In far too many cases, this means lost opportunities for America and our businesses.

The Chinese economy has huge potential and flexibility.

We need the Chinese to - you know, spend more, save less - consume more and not be so focused on exports. There are big changes we need in the world.

I am convinced that China needs to be a strong trading partner with the United States long term.

China needs a currency that reflects underlying economic fundamentals.

If the Chinese can't buy U.S. products, they'll buy them from European countries and then develop stronger economic ties with France and Germany and perhaps side more with those countries when international issues flare up.

China's development benefits other countries.

China is not only formidable, it is also aggressively building its own economic infrastructure. Just a few years from now, China will rival the U.S. and the European Union in global market power. It already has surpassed us in population.

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.