SED focused on global crisis
US is expected to stabilize its financial market to ensure the safety of its assets there and Beijing would like to work with Washington to revive the health of the international financial system, according to Vice-Premier Wang Qishan at the opening ceremony of the fifth Sino-US Strategic Economic Dialogue, a two-day event that began in Beijing on Dec 5th.
Wang also said that day the key tasks of SED this year was to restore global confidence and prevent the current financial crisis from spreading.
The SED mechanism has brought much profit to both nations in fostering direct engagement and work on critical issues of mutual interest to promote bilateral economic relations since it was initiated by President Hu Jintao and US President George W. Bush in late 2006.
This time, the dialogues had to extend the range to deal with the global risks as the world faces unprecedented financial crisis.
As Henry Paulson US Treasury Secretary, who was the leader of the US delegation said, “For the first time during an SED, the US and China will focus on how we can work together through international forums to strengthen the global economic system.”
By keeping its economic growth steady, adopting pro-active fiscal and monetary policies, and raising domestic demand, China has made important contributions to the global economy said Wang.
“We appreciate the responsible role China has played during the turmoil. We welcome China’s active participation,” Paulson said.
According to Paulson, the meeting focused on the building blocks for an enduring US-China economic partnership. Besides managing macroeconomic risks and promoting balanced growth, the two sides also worked on open investment and trade policies, product and food safety, and energy and environment issues.
Because of respective strengths and demand, the two nations need to cooperate more closely in some sectors.
10-Year Frame-work was signed by the two sides during last SED meeting held in June in Washington and seven deals on ecological partnership was signed at this session.
The two nations don’t agree on protectionism and it was expected that the re-start of the Doha round of the global trade talks can be helpful.
The two sides expected to reach agreements in five areas through this session, including electricity generation, transportation, clean water, clean air, and protecting wetlands and other natural areas, said Paulson before the meeting.
This was the last time Paulson participating in SED meeting. “We are committed to a strong finish, to having perhaps our most productive and cooperative session to date,” he said, “We have learned that engagement works, that engagement can help achieve meaningful, tangible results that would not have been possible otherwise.”
The valuation of yuan was also discussed by the two sides. The US side acknowledged China’s efforts on having made the yuan more flexible against the dollar in the past three years since the Chinese currency was de-pegged from the greenback.
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