During his recent trip to China, Hank Paulson, the US Treasury secretary, made his first stop in Hangzhou, capital of Zhejiang province. This carefully choreographed trip was thought to signal where Mr Paulson thinks the country’s future lies.

This is a long overdue approach. Unlike his predecessors, who liked to tour the skyscrapers in Shanghai, Mr Paulson understands the China miracle – that its impressive development came from the same dynamics that create growth and wealth elsewhere, namely bottom-up entrepreneurship and a market-based financial environment. It is time to get the China story right and understanding the rise of Zhejiang is the way to do it.