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The 5th China-US SED

(Chinadaily.com.cn)
Updated: 2008-12-05 15:51

More than 40 senior-level officials from China and the US met, Thursday and Friday, for the fifth round of the Strategic Economic Dialogue

Chinese Vice Premier, Wang Qishan, and US Treasury Secretary, Henry Paulson, are leading the delegations at the two-day gathering as they explore ways to solve the financial crisis and step up energy and environment cooperation.

Wang said this round of talks has special significance. He says tackling the financial crisis together is the most pressing task facing both countries.

He said, "Since the financial crisis broke out, China has been taking an active part in international cooperation in a responsible manner, and has backed the US' efforts to stabilize the financial markets."

"Our top priorities are to implement the consensus reached at the G20 Summit on Financial Markets and the World Economy, restore confidence, curb the spread of the financial crisis and prevent a global economic recession. In particular, we should minimize the damage to developing countries by the crisis."

US Treasury Secretary, Henry Paulson, said fostering direct engagement with China through the dialogue mechanism is key.

Paulson said, "We have learned that engagement works, that engagement can help achieve meaningful, tangible results that would not have been possible otherwise."

"Engagement has helped us manage the current financial market crisis and we appreciate the responsible role China has played during the turmoil."

During the two-day meeting, China and the US also discuss issues including open trade and investment, product safety, as well as strengthening the global economic system.