US billionaire Schwarzman: China wants the American dream

(From CNN Money)

China and America may butt heads often on a litany of issues but the aspirations of people in both countries are pretty much the same.



That’s how American billionaire Stephen Schwarzman sees it. After all, he says, President Xi Jinping’s first speech as president was about the “China dream.”

“What’s the China dream? (It) sounds a lot like the American dream,” Schwarzman, the CEO of private equity firm Blackstone, told CNN’s Cristina Alesci at the Milken Global Conference in Los Angeles. “[Xi] wants people to have higher wages, he wants them to have better housing and he wants them to have better health care.”

Schwarzman defended China’s recent economic slowdown, saying it is a natural transition.

He says pursuing the China dream would only be possible if the country transitioned to a consumer-focused economy like the U.S., shifting away from its export-driven economy, which was the primary driver of the country’s double-digit growth in previous years. Read more

Categories: Asia Unhedged, China

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