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China, U.S. conclude key economic dialogue, with specific agreements

2007-05-23

Chinese Vice Premier Wu Yi (L) and US Treasury Secretary Henry Paulson deliver statements at the conclusion of the second meeting of the China-US Strategic Economic Dialogue in Washington, capital of US, May 23, 2007. (Xinhua/Rao Aimin)(

Chinese Vice Premier Wu Yi (L) and US Treasury Secretary Henry Paulson deliver statements at the conclusion of the second meeting of the China-US Strategic Economic Dialogue in Washington, capital of U.S., May 23, 2007. (Xinhua/Rao Aimin)

    WASHINGTON, May 23 (Xinhua) -- China and the United States on Wednesday concluded a key economic dialogue with a wide variety of specific agreements.

    In remarks prepared for the concluding of U.S.-China Strategic Economic Dialogue, Chinese Vice Premier Wu Yi said the two countries reached much consensus and realized positive results.

    "With the great attention and joint efforts from both sides, the second meeting of the strategic dialogue achieved great success," said Wu, also as the special envoy of Chinese President Hu Jintao.

    "China-U.S. economic and trade relationship is one of the most complicated in today's world," she said. "The SED provided an excellent ground and opportunity for both sides to enhance the mutual understanding and increased the mutual trust in the strategic issues."

    Meanwhile, the Chinese leader warned against the rising protectionism and threat in the United States.

    "It calls for direct consultation and dialogue between us, instead of easy resort to threat or sanctions," she said.

    U.S. Treasury Secretary Henry Paulson said in his concluding statement that the U.S. and China both understand that "getting the economic relationship right is vital not only to our people, but to the world economy."

    Paulson, who co-chaired the Strategic Economic Dialogue with Wu as special envoy of President George W. Bush, also noted two countries reached a wide variety of agreements during the dialogue.

    "We agree that it is vital to the prosperity of both our nations, that China rebalance its economic growth, encourage consumption and spread development more broadly among its people," he said.

    Both countries also agreed that "strengthening and deepening our two-way trading relationship will create jobs and give our citizens a wider variety of choices and lower prices on goods," he added.

    "We have built strong relationships since our inaugural meeting in Beijing," said the Treasure chief, referring to the first meeting of the Strategic Economic Dialogue in December, 2006. He emphasized that the relationships between the two countries will "continue to grow stronger and produce on-going returns."

    In an aviation agreement reached on Wednesday, daily passenger flights from the U.S. to China will double by 2012, and air cargo companies will have virtually unlimited access to Chinese market by 2011.

    The two countries also agreed to work together as part of the WTO Doha negotiations to discuss reducing or eliminating tariff and non-tariff barriers to environmental goods and services.

    Moreover, the two countries will provide policy incentives to promote the full commercialization of advanced coal technologies and will advance commercial use of carbon capture and storage technologies.

    On the front of the tourism industry, the two countries agreed to launch negotiations to facilitate Chinese group leisure travel to the U.S.

    "Allowing tourism companies to arrange trips for Chinese travelers to the United States is a significant step, given that one in seven jobs in the United States is related to the tourism industry," said the U.S. delegation in a statement.

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