China now has the world’s second biggest economy and is likely to surpass the U.S. in the coming years. How did China become an economic superpower so quickly and how is business really done there? That’s what former U.S. Treasury Secretary Hank Paulson set out to answer in his new book,  “Dealing with China: An insider unmasks the new economic superpower.”

Today, Hank Paulson is the founder and chairman of the Paulson Institute at the University of Chicago. The Heat interviewed Paulson for more insight into China’s growing economy and what this means for the United States.

Finance ministers and central bankers are in Washington or the International Monetary Fund (IMF) and World Bank meetings. There’s been growing support for China’s new Asian Infrastructure Investment Bank (AIIB). CCTVAmerica’s Daniel Ryntjes filed this report from Washington.

Follow Daniel Ryntjes on Twitter @danielryntjes

For more on China’s economy, The Heat spoke to Yukon Huang. He’s a Senior Associate at the Carnegie Endowment for International Peacein Washington. His research focuses on China’s economic development and its impact on Asia and the global economy.