Day 1 of 1st Sino-US Strategic and Economic Dialogue

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Day 1 of the China-US Strategic and Economic Dialogue has seen in-depth discussions on issues concerning the long-term development of the bilateral relations.

U.S. President Barack Obama (1st L) greets Chinese Vice Premier  Wang Qishan (1st R) and State Councilor Dai Bingguo (Rear) before addressing the opening ceremony of the China-U.S. Strategic and  Economic Dialogue (S&ED) in Washington, the United States, July 27, 2009.(Xinhua/Zhang Yan)

The two sides have agreed to better cooperate to tackle the global economic crisis and achieve balanced and sustained economic recovery.

Response strategy to the global financial crisis and economic recovery were the main focus of Monday's dialogue on the "Economic Track".

Chinese Vice Premier, Wang Qishan and US Treasury Secretary, Timothy Geithner, co-chaired the talks. Chinese Finance Minister Xie Xuren and US Federal Reserve Chairman Ben Bernanke delivered key-note speeches.

The two sides reviewed their macro-economic regulations in response to the global financial crisis.

They also exchanged views on strengthening policy coordination, ensuring fiscal sustainability and preventing inflation risks.

The two sides agreed the foundation for long-term growth remains fragile despite signs of recovery.