Partial disruption of contacts between the two countries will make the whole world more vulnerable to financial crises, said Henry Paulson.

Former U.S. Treasury Secretary Henry Paulson warned about the inadmissibility of an economic gap between Washington and Beijing and urged current U.S. Finance Minister Janet Yellen to continue consultations with Vice Premier of the State Council of China Liu He. With these words, he spoke on Thursday at the “New Economic Forum” held in Singapore in a hybrid format, which was organized by businessman Michael Bloomberg.

According to him, “a complete rupture is impossible, and a partial violation will obviously make the United States, China, and the rest of the world more vulnerable to financial crises.” He also stressed the need for Yellen “to continue the dialogue with Vice Premier of the State Council of the People’s Republic of China Liu He, aimed at creating a transparent, harmonious and coordinated financial environment.”

Paulson also noted that Washington “will benefit by maintaining the presence of its leading financial institutions in China.” “If American companies are not present in the Chinese market, it will be difficult for the United States to maintain its global leading role, especially against the background of the presence of European and Japanese companies in China,” the ex-minister said.