China-U.S. first strategic economic dialogue ends with a number of consensus

Source: Xinhua News Agency | 12-15-2006 17:16

Video: 1st China-US Strategic Economic Dialogue constructive

BEIJING, Dec. 15 (Xinhua) -- China and the United States concluded their first strategic economic dialogue Friday noon, with "a number of consensus" reached.

"We have reached a number of consensus, although we remained different on some issues," Chinese Vice Premier Wu Yi told the press after the two-day landmark dialogue.

The U.S. Treasury Secretary Henry Paulson also hailed the dialogue, saying "it is important and encouraging that we have agreed on so many principles in the dialogue."

"We each will take measures to address global imbalances through greater national savings in the United States and to increase consumption and exchange rate flexibility in China," said Paulson, who is leading a high-profile U.S. trade mission to the dialogue.

In a fact sheet released at the end of the dialogue, China and the United States reaffirmed their commitment to pursuing macroeconomic policies.

"China will carry out the exchange rate regime reform and the United States will increase saving rates so as to promote balanced and strong growth and prosperity in two nations," the fact sheet said.

Wu Yi and Henry Paulson at the press conference after the two-day landmark dialogue.

Both sides agreed that the New York Stock Exchange and the NASDAQ should open offices in China.

It said the two governments concluded an agreement facilitating financing to support U.S. exports to China and agreed to re-launch bilateral air services negotiations beginning in January 2007.

Later Friday, Chairman of the U.S. Federal Reserve Ben Bernanke, who is a member of Paulson's delegation, delivered a half-hour speech in Chinese Academy of Social Sciences, China's think-tank.

"China's development and its opening up to the global economy have benefited the United States in many ways," Bernanke said in his speech entitled "The Chinese Economy: Progress and Challenge".

The Chinese delegation to the dialogue include more than 10 ministers of finance, development and reform, science, labor, railways, communications, health, environment, central bank.

The U.S. delegation is the highest-profile trade mission the United States has ever sent to China, including cabinet secretaries of commerce, labor, energy and health and human services.

The second strategic economic dialogue will be held in Washington next May, with topics covering innovation, education and bilateral trade relationship.

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Editor:Du Xiaodan