(China Daily)
Updated: 2007-12-14 09:37

The Third China-US Strategic Economic Dialogue (SED) that concluded yesterday marks a "complete success" not only for increasing mutual understanding but also for delivering substantive results that can benefit both countries.

At present when the world's fast economic growth is increasingly exposed to a ballooning global imbalance and a looming US slowdown, such a productive dialogue between China and the United States, two top global growth engines, is clearly more than needed.

The dialogue, in itself, demonstrates to the world that the two are committing themselves to consultation, rather than confrontation, to improving the most complex bilateral business relationship in the world.

As the world's largest developing economy, China has built huge and broad business ties with the US, the world's largest economy. Bilateral trade volume is expected to top $300 billion this year while the two countries are each other's second-largest trading partners and China has been the fastest growing export market for the US for five years in a row.

The two countries' joint efforts to view the relationship from a strategic perspective can assure the international community that short-sighted protectionism will not be allowed to prevail. This will be crucial to maintaining global economic prosperity.

Addressing the growing bilateral trade imbalance, a typical result of the ongoing globalization that has moved many manufacturing capacities from industrialized economies to developing countries like China, will require concerted efforts by both sides. Clearly, the SED has enabled the two countries to know each other better and made it possible for them to cooperate efficiently and effectively.

In addition to a candid exchange of views on a range of trade and economic issues, the latest round of SED also featured progress on food safety, environmental protection and dealing with the challenges of globalization.

For instance, the two countries agreed to conduct extensive cooperation on measures to increase energy efficiency and security, including the further adoption of clean technology.

As to the far-reaching significance of China's promise on further opening up its financial sectors, it seems that it will take more such strategic talks to fully comprehend the implication and impact of integrating China into the global financial system.