The Third Round of China-US Strategic and Economic Dialogue Opens

On May 9, 2011, the third round of China-US Strategic and Economic Dialogue (SED) opened in Washington, the US. Vice Premier Wang Qishan and State Councilor Dai Bingguo who are special representatives of Chinese President Hu Jintao and Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner who are special representative of US President Barack Obama co-chaired the SED and delivered speeches respectively. US Vice President Joe Biden also addressed the SED.

Wang said in his speech that President Hu Jintao pays close attention to the third round of SED, thinks highly of the important role of the SED of deepening the mutual understanding, enhancing the strategic mutual trust and strengthening the coordination and communications at bilateral, regional and global levels between China and the US and expects the two sides to make full use of this round of dialogue to exchange in-depth views on how to further step up the bilateral strategic mutual trust and intensify pragmatic cooperation, implement the consensus reached between the two heads of state and jointly push forward the China-US cooperative partnership based on mutual respect and mutual benefit.

He noted that in January this year President Hu paid a historic state visit to the US which achieved huge success and opened a new page in the history of China-US relations. China and the US have different history and culture, development stages, resource endowments and national conditions, but the two economies are interdependent and highly complementary and cannot do without each other. At present, the aggregate economic volume of the two countries makes up one third of the world economy and the bilateral trade volume accounts for one fifth of total world trade. The economic relations between China and the US have gone far beyond the bilateral sphere and gained increasing global influence. The world economic pattern driven by globalization is undergoing profound and complicated changes. While the recovery of world economy still faces uncertain factors, the economic and social development of both China and the US faces common challenges and opportunities of cooperation. With focus on ensuring economic recovery, the policy measures of both countries not only complement with each other but also have collisions, but the benefits of cooperation far outweigh the differences caused by competition. The two sides should make better use and adhere to the "all-round, long-term and strategic" positioning of the SED to effectively promote the healthy growth of China-US economic relations.

He pointed out that history and reality both have shown and future will ultimately prove that no difficulty can ever stop the trend of cooperation between China and the US, in which we are full of confidence. Such confidence comes from the wide common interest between the two countries, from the common aspiration of the Chinese and the US people and from historic and philosophic thoughts. The two sides should take the opportunity of this round of SED to carefully implement the important consensus reached between the two heads of state, comprehensively deepen cooperation in the fields of trade and economy, investment, finance and infrastructure and boost the strong, sustained and balanced growth of their own economy and the world economy at large.

Dai said that China and the US launched the "ping pong diplomacy" 40 years ago and Dr. Kissinger paid a secret visit to China. The aspiration of friendship between the Chinese and the US people and the determination and courage of politicians of the two countries converged into an irresistible historical trend and opened the door of China-US relations which had been closed for more than 20 years. Since then, there has been no force in the world capable of closing that door again. China-US relations stand at an equally critical historic moment at present. President Hu and President Obama, when meeting in Washington in January this year, agreed to establish and develop the cooperative partnership based on mutual respect and mutual benefit, pointing out the direction for the future development of bilateral ties. History is proving and will continue to prove that this critical decision with historical significance complies with the trend of history and will benefit the Chinese and the US people and the entire mankind.

So long as China and the US understand the major trend of peace, development and cooperation in the world in the 21st century and the overall trend of China-US relations, unswervingly adhere to the general direction determined by the two heads of state and make up their mind to overcome difficulties, they will be able to implement the consensus entered into by the two heads of state and open a brand-new path of relations between big powers featuring mutual respect, harmonious coexistence and win-win cooperation and the Chinese and the US people as well as our future generations will be permanently blessed with peace, friendship and cooperation.

He indicated that both the Chinese and the US people live in the "earth village", with the former living in the western part and the latter in the eastern part. More US friends are welcomed to visit China and experience the huge progress made by a true China in various aspects including human rights.

Biden said that the Chinese government and people have made great achievements with hard work since reform and opening up. China's rise is a positive factor to the US and the rest of the world. Faced with global challenges, the US and China, as two major economies and permanent members of the UN Security Council, shoulder common responsibilities in international affairs and the bilateral relations will influence the future of the world in the 21st century. President Obama is dedicated to developing the constructive and cooperative partnership between the two countries. The US and China should strengthen mutual trust, expand consensus, overcome differences and promote common interest. The two countries should work together to advance cooperation on trade and economy, investment, clean energy, youth exchanges and tourism, stimulate the recovery of world economy, prevent nuclear proliferation, cope with climate change and bring benefits to their own people and people all over the world.

Hilary said in her speech that the SED is an important mechanism for the two sides to conduct in-depth communications on a wide range of issues. Since the first round of SED, the depth and width of the dialogue have been intensified, the bilateral relations have been strengthened and the two sides have achieved positive progress in expanding the mutually beneficial cooperation and jointly handling regional and global challenges. Facts show that the US and China benefit from cooperation and prosperous growth.

She added that the third round of SED aims at strengthening the bilateral understanding and trust, in particular understanding each other's strategic purpose and common interest, avoiding misunderstanding and wrong judgment. The way the US and China jointly address regional and international challenges will determine the future of US-China relations as well as prosperity and peace in the world. The two countries should join hands to push forward their cooperative partnership.

Geithner said that the world economy was suffering from the heavy impact of financial crisis when the SED was initiated two years ago. With the concerted efforts of the US and China, the world has successfully stepped out of the crisis and resumed growth. But the US and China still face challenges. The US needs to consolidate the foundation of future economic growth, improve education, encourage innovation, increase investment and conduct financial reform. China needs to build a new growth mode, expand domestic demand and improve its market economy and financial system. The reforms of the US and China do not have any conflict but can help each other. The cooperation between the US and China is critical to the health and stability of the global economy and the two countries should cope with challenges together.

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