China, US: Dialogue "fruitful"

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China and the US. agree to a broad framework of cooperation. They're looking to lead the global economy out of recession and forge a closer alliance on tough environmental and political issues.

Chinese Vice Premier Wang Qishan delivers the closing statement of the first round of the China-U.S. Strategic and Economic Dialogue in Washington D.C., capital of the United States, July 28, 2009. The first round of the China-U.S. Strategic and Economic Dialogue  was concluded on Tuesday.(Xinhua/Shen Hong)

China and the United States concluded the first round of what will be an annual Strategic and Economic Dialogue in Washington.

Both agreed to maintain stimulus spending until economic recovery is secured.

In his opening address, Chinese Vice Premier Wang Qishan stressed boosting the economy is still the priority for the cooperation. He also called on the US to ensure the safety of Chinese investments.

Chinese Vice Premier Wang Qishan said, "We will work to increase our imports from the US. We hope the US will relax its controls and restrictions on high tech exports to China. We should actively advance the negotiation on IT. We hope the US will fairly treat Chinese enterprises investing in the US and ensure the safety of Chinese assets in the US."

On Tuesday, the US and China worked to set aside differences and work together to fight global warming. They signed a memorandum of understanding, which the Chinese co-chair called a great outcome.

Chinese State Councilor Dai Bingguo said, "Climate change, energy and the environment are important subjects covered by the China-US Strategic and Economic Dialogue. In the spirit of deepening understanding, expanding common consensus, developing cooperation and pursuing mutual benefit the two delegations have held many rounds of consultations and arrived at agreement on the Memorandum of Understanding."

Combining the "Economic Track" and "Strategic Track" into one dialogue is a first for the world's biggest developing country and biggest developed one. US officials say the discussion has been productive.