Vice-Premier Wang Qishan greeted his long-time acquaintance Henry Paulson with his trademark humour yesterday.

In his first meeting with the US Treasury secretary in his new capacity as a vice-premier, Mr Wang said he was a little worried by what he had seen on television the night before. 'I saw you in the news footage and I was a bit concerned because you looked a bit worn out on the TV,' he said. 'But you look glowing today, so I feel really happy and relieved.'

The pair have known each other since Mr Paulson was a senior banker with Goldman Sachs and Mr Wang worked for China Construction Bank.