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Chinese, U.S. officials hail success of strategic and economic dialogue
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13:29, July 29, 2009

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Senior Chinese and U.S. officials hailed the success of a two-day high-level strategic and economic dialogue that concluded in Washington Tuesday.

"Under the direct guidance of President Hu Jintao and President Barack Obama and through the concerted efforts of both sides, this round of the China-US Strategic and Economic Dialogue was a complete success," said Chinese Vice Premier Wang Qishan, who co-chaired the "Economic Track" of the dialogue.

Wang said the discussion, which focused on the international financial crisis and other strategic issues concerning the two economies, had yielded many important results.

Considering it is a critical time for the global economy to escape the crisis and move towards recovery, the two sides agreed that stimulating economic growth remains the top priority for their bilateral cooperation, according to Wang.

"The two sides need to strengthen macroeconomic policy coordination, stabilize financial markets and work to restore economic growth and create jobs," he said.

"At the same time, the two sides should actively transform economic growth patterns, focus on restructuring, step up cooperation in such areas as healthcare reform and development of the social security system, and promote sustainable economic development."

U.S. Secretary of Treasury Timothy Geithner, the U.S. government representative to the economic dialogue, said in his closing statement the two sides had laid out a framework for cooperation in four key areas.

Those areas included developing macroeconomic and structural policies to ensure a more sustainable and balanced trajectory of global growth; working to build more resilient and market-oriented financial and regulatory systems reaffirming the commitment to open and rule-based trade and investment; recognizing the critical role of the international financial institutions in preventing and responding to crises; and ensuring balanced global growth, he said.

"I think the most important thing we achieved today was to agree on this broad framework for policies and reform, both China and the United States, to help lay the foundation for more sustainable and balanced economic recovery, " Geithner told Xinhua at a following press conference.

"We want to be very careful, as we work together to help move the economy, global economy, back from crisis to growth, that we don't lay the seeds of future crises," he said.

Zhu Guangyao, spokesperson for the Economic Track, told Xinhua that, for China, the significance of this dialogue lay in the impetus it brought to the China-U.S. relations in the 21st century by strengthening economic cooperation.

The two sides would immediately implement the agreed programs after the Dialogue and prepare topics for next year's meeting, Zhu said.

Source:Xinhua



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