Hank Paulson and China

Bloomberg reports that Hank Paulson, Bush's new nominee for Treasury Secretary, replacing the outgoing John Snow (by the way, who ever thought that in the 21st century, a railroad executive was a good choice for Treasury Sec? A Goldman guy is much better) is divesting himself of any assets that may prove a conflict of interest - including shares in a Goldman fund which is invested solely in the Industrial and Commercial Bank of China (ICBC).

As Treasury Secretary, what will Paulson's stance on China be? He's long been oriented that way in his work at Goldman, as they and their competitors rush in to that enormous market. Given that he previously had a personal financial interest in the region's success, will he in any way be inclined to take positions that might not always be 100% in the US's best interest? Just idle speculation, I hope. But with Robert Zoellick's resignation last week, and with it the departure of one of the main figures shaping US-PRC policy, will Paulson step into that void, taking on issues beyond his traditional portfoli?