But Paulson’s financial diplomacy also highlights the fact that in 2008, managing Sino-American financial relations was still very much a matter of intergovernmental relations. By contrast, in 2015–2016 not only were the risks on the Chinese side but the people moving the money were private businesses and investors. In less than ten years, Chinese commercial and financial integration had come a staggeringly long way. Given the narrative unfolded in this book, this has daunting implications.
