Anticompetitive practices hurt Chinese private firms nearly as much as foreign ones.

A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.

I never once considered that it was appropriate to put taxpayer money on the line in resolving Lehman Brothers.

There's always light at the end of the tunnel, right? It just depends on how long the tunnel is.

For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

The U.S. didn't save enough; we borrowed a lot. There were structural imbalances in Asia with exporters, with oil exporters for a whole variety of things.

China saves too much, produces too much, sells too much to Americans and consumes too little.