BEIJING, Dec. 14 -- The first strategic economic dialogue between China and the United States is underway in Beijing. A high-level U.S. delegation led by the U.S. Secretary of Treasury Henry Paulson, is here to discuss issues affecting the long-term development of the bilateral economic relationship. They'll meet with senior Chinese officials.

    Chinese Vice Premier Wu Yi and U.S. Treasury Secretary Henry Paulson co-chaired the meeting on Thursday.

    The U.S. delegation is comprised of influential Washington officials such as Federal Reserve Chairman Ben Bernanke, Commerce Secretary Carols Gutierrze and U.S. trade representative Susan Shcwab.

    The discussions are expected to cover a wide range of issues including the China-U.S. trade imbalance, China's currency policies, market access for foreign companies, stable energy markets and environmental protection.

    Chinese Ambassador to the WTO Sun Zhenyu said:"I think talk like this will help establish more mature bilateral relations. We are hoping to resolve bilateral disputes through enhancing mutual understanding."The talks take place only a few days after the fifth anniversary of China's entry into the World Trade Organization. And some say the dialogue starts another level of conversation, with an eye on a smooth economic relationship between the two countries in the long-run.

    Chairman of The American of Commerce Emory Williams said:"I think, certainly we can expect a start, but I don't think anyone should expect Christmas presents coming back from the SED."The establishment of the dialogue was proposed by the U.S. and approved by Chinese President Hu Jintao. It will convene semi-annually in Beijing and Washington.

    (Source: CCTV.com)