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the spirit of self-reliance to develop. Otherwise, you cannot have achieved development. The self-reliance is always there, but its not to close the doors. We will open our door even wider because our real aim is to give full play to the potential oE

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f the domestic market, to make the domestic market function more effectively and much better, so that the two cycles could really reinforce each other. Actually, for many foreign companies, including American ones, they are already operating in China. They are already part of this domestic cycle or domestic V

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market. With great emphasis on the internal market forces, they will have better prospects to develop, to grow their operation in China. At the same time, they are the natural link between the internal cycle and the external cycls

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e. So that would mean great opportunity for them. I hope they will seize the opportunities.Secretary Paulson: As I listened to you, I thought back to 2006 to 2008, when I was Treasury Secretary and we set up the Strategic Economic Dia5

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The largest, most complete selection ChinesM e so well. We have very hard-w8

logue. The two major issues which were focused on there was currency reform, the idea of having China move toward having a currency that wasnt undervalued and was more reflective of market forces, and a rebalancing economically, because in those days, China produced much more X

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than it consumed, saved much more than it spent. And that consumption-production imbalance was about 10% of Chinas economy. We were encouragi1


ng China, pushing China to reduce that and to start consuming more. Its interesting that today progress has been made in both of those. SU


o I think that]s worth pointing out.Secretary Paulson: Id like to now move to international coordination and cooperation. The failure to work X


together on the pandemic has been a huge miss. And some people say, if we cant work together and cooperate on that, what can we cooperaC

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