China 'helping fight downturn'

NEW YORK: US Treasury Secretary Henry Paulson has praised China for its "constructive" role in dealing with the global financial crisis and said Beijing will continue to be "an important engine" for the world economy.

The next US president should recognize China's important role in bolstering the world economy, he said on Tuesday. "As a matter of fact, today more than ever the world is looking to China to be a big contributor to global economic growth."

But many economists have urged China to be cautious in purchasing overseas financial assets because no one knows where the market is headed.