SED to enhance China, US strategic mutual trust: Minister

BEIJING—The China-U.S. Strategic Economic Dialogue (SED) is of great significance to enhance strategic mutual trust between the two governments, thus ensuring constant progress of the constructive and cooperative relations between China and the United States, said Finance Minister Xie Xuren.
In an interview with Xinhua prior to the third SED, Xie said the dialogue will focus on long-term, strategic and macro economic issues while at the same time paying due attention to the hot issues in current bilateral economic and trade cooperation.
The SED III, themed “Seizing Opportunities of Economic Globalization and Dealing with Challenges of Economic Globalization”, will be held in Beijing from Dec. 12 to 13.
The dialogue will focus on six topics: China and the United States working together to seize the benefits and meet the challenges of globalization; strengthening the integrity of trade; balanced economic development; managing the economic impact of energy choices; balancing economic growth with environmental sustainability; and advancing bilateral investment.
“These topics are fairly balanced to reflect the concerns of both sides and also accord with the goals of the dialogue to exchange views on macro, strategic and long-term issues,” Xie said. Economic and trade cooperation is an important foundation for bilateral relations, and one of the most important areas where the interests of both countries converge.
China and the United States have become each other’s second largest trading partner. The bilateral trade volume from January to October this year reached 248.19 billion U.S. dollars, up 15.7 percent compared with the same period of 2006. “As two large economies, it is natural for China and the United States to have some differences and frictions in the course of rapid development of economic and trade cooperation. Therefore, it is important for both sides to embrace the spirit of win-win cooperation and common development, and properly resolve the differences through sincere dialogue and consultation on an equal footing,” Xie said.
He said the endeavor of the two countries to expand development opportunities and bring about win-win progress in the course of interactions between economic globalization and domestic development through in-depth dialogue and enhanced cooperation will help promote an economic globalization that is balanced, universally beneficial and win-win for all. The delegations sent by the two governments to the SED III are of a very high-level, which shows the great importance the two countries attach to the role of the dialogue in advancing bilateral business ties and even overall relations, Xie said.
He told Xinhua that the U.S. side will include nine cabinet-level officials including Treasury Secretary Henry Paulson, Ambassador Clark Randt, Secretary of Commerce Carlos Gutierrez, Secretary of Health and Human Services Michael Leavitt, U.S. Trade Representative Ambassador Susan Schwab, Administrator of Environmental Protection Agency Stephen Johnson, Deputy Secretary of Energy Clay Sell, Under Secretary of State for Economic, Energy& Agricultural Affairs Reuben Jeffery III, and the Chairman and President of Export-Import Bank James Lambright.
Chinese Vice Premier Wu Yi will lead a Chinese delegation composing many ministers. “The stable and healthy growth of China-U.S. economic and trade relations are not just in the interest of the two countries and peoples, but also conducive to the prosperity and growth of the world economy,” Xie said.
If some legislative bills currently before U.S. Congress are passed they will cause serious harm to China-U.S. economic and trade cooperation and to the interests of the U.S. itself, said Chinese Finance Minister Xie Xuren.—Xinhua