When the semiannual mechanism ended its fifth two-day session last Friday, top officials from both sides of the Strategic Economic Dialogue (SED) expressed hope that the incoming Obama administration would continue the highest level economic dialogue between China and the United States.

After the session ended at noon on Friday, both President Hu Jintao and Premier Wen Jiabao congratulated Henry Paulson, the US Treasury Secretary, for his great contributions to the latest dialogue during their separate meetings with the special representative of US President George W. Bush. Wen told Paulson and dozens of senior officials from both sides that 189 agreements were reached during the five rounds of SED talks over the past two years, with 40 alone in the fifth dialogue included. “The decision to establish the SED mechanism was indeed a visionary and productive one,” said Wen Jiabao.

Hu told Paulson at a later meeting at the Great Hall of the People that he hoped the two sides could learn the experience from previous talks and continue to carry the high-level of dialogue mechanism. Paulson’s counterpart Wang Qishan, the Vice-Premier also expressed the same wish to Paulson at the talks. And the US side echoed the suggestion. “The SED mechanism has helped relations progressing and moving forward during tough times, and helped us manage tensions that inevitably occurred,” Paulson told Hu.

He noted that the mechanism had been “especially useful” at the time when both sides tried to tackle the financial crisis. Besides, in his closing remarks, he described the current situation of the US and emphasized the importance of the mechanism for both sides as well as the whole world.

The fifth SED laid eyes on discussing the current global financial turbulence and on cooperation in dealing with the energy as well as the environmental problems.

At the joint conference, the two most important economic powers in the world both agreed to maintain close communication and commit to coping with the financial crisis to keep it from turning into the worldwide recession. Both sides would focus on macro economy, adopt effective policies to maintain economic growth and ensure the stability of financial market.

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China, dialogue, economy, high-level, SED, U.S.