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Hank Paulson: China needs to let ‘failing companies fail’
By Leslie Shaffer (original source CNBC)
“Former U.S. Treasury Secretary Henry Paulson, who oversaw bank bailouts during the global financial crisis, has different advice for China: Let companies fail.
“They can show right now they’re very serious about dealing with inefficient state-owned enterprises as they take capacity out of the steel industry, coal industry and others by letting some failing companies fail,” Paulson, who was Treasury secretary from 2006-2009, told CNBC’s Squawk Box on the sidelines of an Institute of International Finance event organized in conjunction with the G20 meeting in Shanghai.
As Treasury secretary, Paulson oversaw a $700 billion government-funded bailout of U.S. financial institutions that were seen as “too big to fail” in the global financial crisis.”
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