U.S. Treasury Secretary Henry Paulson said Wednesday that the U.S.-China Strategic Economic Dialogue (SED) has made substantial progress in building stronger relationships and establishing constructive channels of communication between the United States and China.
"These innovations have helped keep the U.S.-China economic relationship on an even keel and helped us manage difficult issues, even in times of tension," Paulson said in a speech at the Asia Society.
"Because we have a framework for senior-level dialogue, we can -and do - pick up the phone and we talk," he said. "We work towards solutions, which can only be reached when there are mutual benefits."
Paulson will lead a delegation to Beijing next week for the third meeting of the SED. The dialogue was launched by President George W. Bush and President Hu Jintao in September 2006.
"We look forward to working with the Chinese leadership team to ensure that the SED process continues to be an effective mechanism for promoting our shared interests and responsibilities," said Paulson in the speech.
Through the economic dialogue, U.S. and China have achieved concrete and significant results, including a civil aviation agreement, greater market access in the financial services sector, expansion of U.S. exports, and enhanced energy security and environmental protection, Paulson noted.
"We would not have accomplished what we have without the specific framework of a focused and strategic economic dialogue, and we can accomplish more," he added.