The race for the White House is threatening to deter much-needed Chinese investment in the US as the candidates’ anti-trade rhetoric hurts America in a global fight for capital, says Hank Paulson, a former US Treasury secretary.

Mr Paulson, who served in the George W Bush administration, is one of the most senior Republicans to have said he will vote for Hillary Clinton because of his distaste for Donald Trump. But he is worried by what both candidates say on trade. In an interview with the Financial Times, Mr Paulson, who is closely involved in US-China ties, said he was “deeply concerned” that protectionist rhetoric was undermining US efforts to attract Chinese investment.

“I can’t believe it’s helpful,” he said. “Clearly there are a number of things that deter investment. If you are a CEO looking to make an investment, you don’t want to end up in a situation where you have a failed deal, and you certainly would rather not step into a situation where there’s a lot of negative public and political sentiment and debate.”