5th China-US SED concludes

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Source: CCTV.com | 12-06-2008 08:51

China and the US concluded their fifth round of Strategic Economic Dialogue on Friday in Beijing.

Consensus and agreements were reached on a number of critical issues, including trade promotion, financial market opening, as well as energy and the environment.

China and the US concluded their fifth round of Strategic Economic Dialogue on Friday in Beijing.(CCTV.com)

Chinese State Councilor Dai Bingguo is scheduled to pay an official visit to the United States from December the 10th to 17th. He will co-chair the sixth strategic dialogue with US Deputy Secretary of State John Negroponte.

Chinese Vice Premier, Wang Qishan and US Treasury Secretary, Henry Paulson have described the two-day talks as robust and productive.

Wang Qishan, Chinese Vice Premier, said, "Talks this time focused on the theme of "Building Blocks for an Enduring China-US Economic Partnership". The two sides conducted in-depth discussions on a wide range of issues including managing macro-economic risks and promoting balanced economic growth, strengthening cooperation in energy and the environment, confronting trade challenges, promoting open investment environments and furthering international economic cooperation. We achieved consensus on a number of important fronts on top of a 40-item outcome list."

In a measure to support trade flows during this period of financial turmoil, the two countries agreed to contribute an additional 20 billion US dollars for trade finance to support exports from both countries and other developing economies.

The two sides also reached consensus on further opening up China's financial services sector, by allowing foreign banks to trade bonds on the same terms as Chinese banks.

China also agreed to allow foreign banks to increase liquidity on a temporary basis. In return, the US has promised equal policy treatment for financial investment from China.

They also reached substantive agreements on energy and environment cooperation, including a five-action plan and an EcoPartnership Framework.

US Treasury Secretary, Henry Paulson, again stressed the importance of US engagement with China.

Henry Paulson, US Treasury Secretary, said, "At this meeting, we have again shown that direct engagement is a pathway to success, that through engagement the US and China can build a stronger relationship that benefits our citizens and the global economy. And the US-China economic relationship will continue to be vital to the health of our two economies and the global economy."

Both sides spoke highly of the achievements of the SED over the past two years. The Chinese Vice Premier expressed hope that the dialogue will continue, to further Sino-US ties.

"This round of the China-US strategic economic dialogue is the last under the Bush Administration. The ever-closer relationship between the two countries makes many believe this high-level dialogue will continue. But what format and approach the new US administration will take remains to be seen. Liu Ying, CCTV, Beijing."

Editor:Zhang Pengfei