Paulson's China Challenge

Henry M. Paulson is making his first trip to Beijing as U.S. Treasury Secretary, and he's got a lot on his plate. When Paulson arrives on Sept. 19, he'll be facing China's already gargantuan, yet still growing, trade surplus, its controversial currency, and a recent edict banning the acquisition of local brokerages by foreign firms. His two Bush-era predecessors, John Snow and Paul O'Neill, had little luck influencing Beijing. Will a seasoned Wall Street money pro such as Paulson with strong ties to China's top leadership do any better?