5th Round of China-U.S. Strategic Economic Dialogue

Backgrounder: China-U.S. Strategic Economic Dialogue

    BEIJING, Dec. 5 (Xinhua) -- A senior Chinese official said here on Friday that both China and the United States held that the Strategic Economic Dialogue (SED) mechanism should be carried on.

    Zhu Guangyao, China's Assistant Minister of Finance, said in a press briefing after the fifth China-U.S. Strategic Economic Dialogue (SED) concluded on Friday that the SED had demonstrated its importance and vitality in dealing with issues of strategic importance as well as hot topics in bilateral trade and economic relations.

    "Since both sides agree that the dialogue is in line with each other's national interests, we hold that the dialogue mechanism should be carried on," he said.

    The twice-yearly high-profile talks, initiated by Chinese President Hu Jintao and U.S. President George W. Bush in 2006, have become an important platform for the economic leaders of both countries to exchange views on bilateral economic and trade relationships.

    U.S. Assistant Secretary of State Daniel S. Sullivan said here on Tuesday that the Obama team had already been briefed on the importance of the SED.

    "The transition between the Bush administration and the Obama administration is very closely coordinated," he said here at the U.S.-China Conference on Innovation and Commercialization, adding the benefits of deepening engagement with China on a wide range of issues covered by the SED had been recognized "pretty broadly" in the United States.

    Zhu added that the form, the person in charge, the leading organization and the name of the dialogue would be decided upon discussion after the new administration took office in the United States.

    He said the fifth SED that was held ahead of the celebration of the 30th anniversary of establishment of diplomatic relations between the two countries was of significant importance. The past three decades had witnessed the bilateral trade volume surged from less than 2 billion U.S. dollars to the more than 300 billion U.S. dollars last year.

    Zhu, also a member participating in the fifth round of SED, said that the two sides had made progress on a series of important fronts and evidenced the importance and vitality of this mechanism.