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Bilateral talks likely to yield dozens of deals

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Minister of Commerce Chen Deming (right) and Bank of China Governor Zhou Xiaochuan smile while taking their places for the China-US Strategic and Economic Dialogue group photo at the State Department in Washington on Monday. [China Daily via agencies]

Dozens of deals and agreements were expected to be reached by the countries' top officials during the last day of the third round of the China-US Strategic and Economic Dialogue in the US capital, said Minister of Commerce Chen Deming.

"We have more in common than we have differences," he said on Monday at a news conference on the sidelines of the two-day talks. "Cooperation is the mainstream in China-US relations."

Chinese analysts believe that industries including space, aviation and energy possess significant potential and deeper cooperation between the two countries is likely to ensure the sectors play a large role in increased bilateral trade.

As co-chairs of the economic track of the talks, Vice-Premier Wang Qishan and US Treasury Secretary Timothy Geithner opened Monday's talks by laying down the priorities of each country.

China "hopes that the US will set a clear timetable and roadmap for implementing the dialogue outcomes, take credible steps to relax high-tech export controls vis--vis China, recognize China's market economy status, accord fair treatment to Chinese companies investing in the US and refrain from politicizing economic and trade issues," Wang said.

The US set three priorities for the talks, which included pushing for China to make its currency exchange rate more flexible, moving ahead with financial sector reforms and enabling US businesses to compete on the same footing as local businesses in China.

Both countries have the potential to open up new investment opportunities, Chen said, adding that the nations can expand cooperation in such service sectors as finance, education, sports and medicine.

The nations can also explore new and in-depth collaborations in energy, environment, biology, information, tourism, new materials, space and aviation, he said.

On the first day of the dialogue, delegates focused on how to promote healthy bilateral trade, improve the investment environment in each country, explore new areas of bilateral cooperation and enhance collaborations on global and multilateral issues, said Chen, who made a keynote speech during the economic track.

They also discussed how other financial reforms would put more money into the hands of Chinese consumers as China pushes for a more consumption-led economy.

Tuesday's talks in the economic track will focus on rebalancing both economies and strengthening recoveries, Chen said.

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