played down fears of

[user_gary]

In Tokyo, Paulson had on Tuesday hailed the strength of Asia's two largest economies, Japan and China.
The treasury secretary said it was meaningful "that the Japanese economy is doing so well.
"This is the second largest economy in the world and it's very meaningful not only to Japan but to the US and all the major trading partners," he said during a visit to the Tokyo Stock Exchange.
Paulson said that while in China, last stop on his three-nation Asian tour, he would make the case for greater competition in capital markets. He was due to fly to Beijing from here later Wednesday.
But he played down fears of slowing Chinese economic growth, saying, "The Chinese economy is doing very well."

Please explain the highlighted words.

[Anglika]

In Tokyo, Paulson had on Tuesday hailed the strength of Asia's two largest economies, Japan and China.
The treasury secretary said it was meaningful "that the Japanese economy is doing so well.
"This is the second largest economy in the world and it's very meaningful not only to Japan but to the US and all the major trading partners," he said during a visit to the Tokyo Stock Exchange.
Paulson said that while in China, last stop on his three-nation Asian tour, he would make the case for greater competition in capital markets. He was due to fly to Beijing from here later Wednesday.
But he played down fears of slowing Chinese economic growth, saying, "The Chinese economy is doing very well."

Please explain the highlighted words.

To hail something = to greet something with enthusiasm. Here Paulson is recorded as greeting with enthusiasm the way in which the Japanese and Chinese economies are becoming powerful.

Treasury Secretary = head of the United States Treasury Department, in charge of the finances of the United States.

Play down fear = To treat fear as of little importance. Paulson is saying that those people who think that Chinese economic growth is becoming slower should not be so concerned.