China, US starts strategic economic dialogue

Updated: 2008-12-04

(Xinhua) BEIJING -- China and the United States started their fifth strategic economic dialogue (SED) in Beijing amid the deepening global financial crisis and transition in the US government.

Chinese Vice Premier Wang Qishan and the US Treasury Secretary Henry Paulson co-chaired the dialogue on Thursday morning as special representatives of President Hu Jintao and President George W. Bush.

"The most pressing issue we have to deal with is coping with global financial turmoil," Wang said before going behind closed doors.

"It is imperative for us to work together to implement the consensus reached at the G20 summit," Wang said, referring to a financial meeting of leaders from the 20 richest countries and emerging economic markets in Washington D.C. in mid November.

"Our meeting this week will focus on the building blocks for enduring the US-China economic partnership," Paulson said in his opening address.

"We will continue to work on strategies for managing macroeconomic risks and promoting balanced growth, on open investment and trade policies, including strengthening products, food and drug safety, on our respected roles in international institutions and to strengthen cooperation in energy and the environment."

"For the first time during the SED, the United States and China will focus on how we work together through international forums to strengthen the global economic system," said Paulson. This is his final round of SED talks with China.

Initiated by the two presidents in 2006, the twice-yearly SED is the highest-level of dialogue between the two nations.


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Effective mechanism has strengthened ties

Vice-Premier Wang Qishan wrote an article on the fifth China-United States Strategic Economic Dialogue in the Wall Street Journal Asia Wednesday. Below is the full text of the article.

It is gratifying that the fifth China-United States Strategic Economic Dialogue (SED) will be held in Beijing when the two countries are about to celebrate the 30th anniversary of their diplomatic ties. [Full Text]

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US Treasury Secretary Henry Paulson said Tuesday that the engagement with China through the Strategic Economic Dialogue (SED) has helped yield many results.

We have learned that engagement works, that engagement can help achieve meaningful, tangible results that would not have been possible otherwise," Paulson told a Washington forum ahead of the fifth SED in Beijing this week. [Full Text]

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Initiated by President Hu Jintao and his US counterpart George W. Bush in 2006, the semiannual dialogue has become a major channel for policymakers in the two countries to maintain frequent contact and enhance mutual trust.