
Former Treasury Secretary Paulson's insider account reveals how China became an economic superpower. When Goldman Sachs secured the $4B China Telecom IPO, Paulson learned the ultimate lesson in global influence: building relationships trumps imposing ideals - a strategy that still shapes U.S.-China relations today.
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What happens when an American investment banker spends 25 years watching a nation of one billion people reinvent capitalism? In 1997, Henry Paulson walked through Beijing just days after Deng Xiaoping's death, stepping into a relationship with China that would span financial crises, environmental disasters, and the most remarkable economic transformation in human history. Over the next quarter-century, he would witness China evolve from an impoverished nation where bicycles clogged the streets to an economic superpower with gleaming skyscrapers and bullet trains. His journey offers a rare insider's view of how China actually works-not the China of Western imagination, but the messy, pragmatic, sometimes brilliant reality of a country racing to modernize while holding onto political control. The China that Paulson first encountered in the early 1990s barely resembled the modern powerhouse we know today. Beijing's ancient hutong neighborhoods were vanishing overnight, replaced by massive construction projects. In Shenzhen, forests of cranes stretched to the horizon. This frenetic energy had roots in Deng Xiaoping's 1978 decision to abandon Mao's ideological obsessions for something radically pragmatic: make people rich first, worry about theory later.
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