Continue to carry the Sino-US dialogue mechanism
On Nov 4, the fifth round of Strategic Economic Dialogue (SED) between China and the United States was held in Beijing. It has evoked a particular interest of whether the dialogue mechanism will be carried forward into the new US administration as it was the last round of talks between the two countries during Bush administration.
Large-scale of debates has arisen in the US in terms of whether such dialogue mechanism should be continued into the next administration. Opponents who keep a view of ending the mechanism cited some major failures. For example, the mechanism failed to persuade China to appreciate the value of renminbi, open wider financial sectors and take effective measures to ease trade imbalances. They said only the Wall Street’s financial tycoons were benefited from the dialogue.
However, the proponents considered it necessary to hold such dialogue between the two heavy weights. To support their points, they referred to fruits yielded by the consultation model, which ranged from a 10-year accord between the two countries to mutual trust achieved by them. Besides, such US scholars as Fred Bergsten, director of Peterson Institute for International Economics, and Niall ferguson, a well-known historian in Harvard University, even proposed to build the Group of Two (G2) and even forge a “Chimerica” between the two countries.
Compared with the debates in the US, such kind of question has never become an issue in China. China considered the dialogue as a platform for both sides to discuss the issues on strategic significance but not to cause disputes on specific issues. We hope that the high-level dialogue would enhance a strategic partnership between the two countries to handle some emerging issues of common concern from a strategic perspective.
It is becoming more and more necessary to maintain such a mechanism as the global financial situation is deteriorating. And the world is focusing much more on what the US will react toward its staggering economy as the negative effect is spreading throughout the world.
At the same time, as the East Asia nation has become a new engine of the world’s economy growth, its influence in the global economy has been on the rise. Therefore, people have also laid their eyes on China in hopes of its greater role in dealing with the ongoing crisis. These circumstances make it particularly important for the two countries to have deep exchanges and plan for the future of the world’s economy as well. That will serve the world’s interests as a whole.
The significance of the Group of Eight has been reduced as the tense relationship between Russia and the US and the struggles between Washington and its ally Europe continue. In the latest summit of the world’s largest 20 economies in Washington last month, although some consensuses were reached, they still failed to figure out an effective way to rescue the economy of the world. As the biggest representatives in the developing and developed countries respectively, the strategic dialogue between China and the US would give an authoritative voice on issues of common concern to both delegations.
The SED could be helpful in consolidating a long term strategic partnership between Beijing and Washington as the two countries are to commemorate the 30th anniversary next year of the establishment of diplomatic ties. The dialogue mechanism has been proved to be successful in setting up relationship between emerging power and superpower and it has been a contributor to the development of bilateral relations in the past 30 years. The SED between the two countries in current world situation is obviously of international significance.
Whether to keep the dialogue mechanism alive is a sign of the new US administration’s policy toward China in Obama’s remarks during his presidential campaign. Obama and his sophisticated politician team should know well the meaning of a good and stable Sino-US relationship to the two countries and the whole world. So far, the president-elect has kept a positive attitude toward the importance of the mechanism and expressed his willing to carry forward the mechanism.
Although the incoming US administration will unavoidably refer to the reviews of the policies of its predecessor, there still are good reasons to believe they will continue to carry the mechanism with China and even emphasize its importance further.
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