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China-U.S. S&ED concludes with substantial results

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China and the United States wrapped up their fourth round of Strategic and Economic Dialogues (S&ED) on Friday, with substantial outcomes yielded in strategic and economic sectors.

Chinese President Hu Jintao, Premier Wen Jiabao and Vice Premier Li Keqiang met with U.S. Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner on Friday.

Hu hailed the "positive results" of the dialogue and called on the two sides to fully utilize the talks in strengthening strategic communication, enhancing mutual trust and advancing strategic cooperation.

Wen expressed hope the two sides can map out a long-term plan for bilateral cooperation, focusing on economic, trade, finance and investment sectors.

Li suggested the two countries further enhance coordination on macro-economic policy and advance pragmatic cooperation in all areas, in order to promote the economic development of both countries and the world.

Chinese State Councilor Dai Bingguo said the fundamental theme of the fourth S&ED is to build a new type of China-U.S. relations.

"Together we are trying to do something unprecedented to write a new answer to an age-old question of what happens when the established power and the rising power meet," said Clinton when addressing the delegates.

Whether it is the legacy of imperialism, the cold-war or the balance of power politics, zero-sum thinking will lead to negative results, she said.

She added China and the United States should establish a resilient and strong relationship, which will nourish prosperity and prevent the two sides from vicious competition, confrontation and conflicts.

During a meeting with business leaders, special representatives of both sides agreed to work together in optimizing the investment environment for companies in both countries.

Vice Premier Wang Qishan said the frank suggestions raised by companies of both countries would strengthen mutual understanding.

The two-day dialogue has resulted in both parties reaching several significant agreements.

China and the United States on Friday issued the full text of outcomes of strategic track of 2012 S&ED and the joint fact sheet of economic track of 2012 S&ED.

In the strategic sector, the two side agreed to promote high-level exchanges, enhance dialogue and consultation, jointly address regional and global challenges, step up bilateral cooperation and expand cooperation in the fields of climate change, energy, environment and science and technology.

They agreed to hold the next round of the Asia-Pacific affairs consultation in the second half of this year, according to the outcome document.

This round of economic dialogue has yielded 67 outcomes, covering macro-economics, trade and investment as well as finance, Vice Finance Minister Zhu Guangyao announced at a press briefing.

Zhu said the U.S. Federal Reserve would take a positive view toward applications from China's major state-owned banks for mergers or setting up new branches in the United States.

Meanwhile, Zhu said China would also make efforts to further open up its financial market and allow foreign investors to take a maximum 49-percent stake in joint-venture securities companies or futures companies.

During the dialogue, Vice Premier Wang and U.S. Treasury Secretary Geithner exchanged views on preparatory work for the upcoming Group of 20 (G20) summit in Los Cabos, according to Vice Foreign Minister Cui Tiankai.

The fourth round of the S&ED started Thursday morning in Beijing.

The dialogue was co-chaired by Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo, special representatives of Chinese President Hu Jintao, and U.S. Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner, special representatives of U.S. President Barack Obama.