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

Backgrounder: China-U.S. Strategic Economic Dialogue

    BEIJING, Dec. 5 (Xinhua) -- Chinese President Hu Jintao on Friday called for a stronger high-level dialogue mechanism with the United States.

    "China and the United States should continue to step up their high-level dialogue mechanism for substantive cooperation and stronger bilateral relations," Hu told visiting U.S. Treasury Secretary Henry Paulson.

Chinese President Hu Jintao (R) meets with United States Treasury Secretary Henry Paulson at the Great Hall of the People in Beijing, capital of China, Dec. 5, 2008. (Xinhua Photo) Photo Gallery>>>

    Their meeting came after China and the United States concluded their two-day Strategic Economic Dialogue (SED), which produced 40 agreements in areas ranging from finance and trade to energy and the environment.

    Included in Paulson's high-profile delegation were the U.S. secretaries of agriculture, labor, health and the environment, among others.

    Led by Vice Premier Wang Qishan, the Chinese delegation included more than 10 ministers from such areas as finance, development and reform, agriculture, labor, commerce, health, the environment and the central bank.

    "The two delegations should summarize the good experience and practice of the SED talks and jointly implement the consensus and agreements that are reached," Hu said.

    Initiated by the two presidents in 2006, the biannual SED is the highest level of bilateral economic dialogue.

    Hailing the positive outcomes of the talks, Hu said the dialogue was a success because the talks stuck to comprehensive, strategic and long-term issues and served bilateral economic and trade cooperation, as well as the overall bilateral relationship.

    The successes also lay in the fact that the two sides took care of both nations' interests and concerns, broadened fields of bilateral cooperation and cultivated new areas for growth, Hu said.

    "The dialogue helped the two nations increase mutual trust, narrow their differences and properly address the problems arising from the cooperation," Hu said.

Chinese President Hu Jintao (R) meets with United States Treasury Secretary Henry Paulson at the Great Hall of the People in Beijing, capital of China, Dec. 5, 2008. (Xinhua Photo) Photo Gallery>>>

    "China-U.S. relations now stand in an important era connecting the past and the future," President said.

    China values its ties with the United States and sees the 30th anniversary of diplomatic ties as an opportunity, Hu said.

    "Let's maintain the direction of the constructive cooperation, step up dialogue, increase mutual trust, expand cooperation and take the bilateral relationship to a new high," Hu said.

    Paulson said the launch of the SED was a farsighted strategic decision made by the presidents of the two nations.

    The just-concluded dialogue was the final SED meeting for Paulson, who will step down next January.

    Paulson, a key figure in establishing the SED mechanism, hailed the role of the SED in boosting bilateral trade relations and promoting the world economy over the past two years.

    The SED succeeded in dealing with the strategic economic relations, addressing the complicated and subtle issues and promoting the bilateral ties, he said.

    On U.S.-China relationship, Paulson said it was one of the most important bilateral relations in the world.

    He reaffirmed that the United States would like to work with China to further boost their ties.