The fifth US-China Strategic Economic Dialogue (SED) leaves a solid platform for the Obama administration to build upon in its economic and commercial engagement with China, US-China Business Council (USCBC) President John Frisbie said Friday.

Part of Treasury Secretary Henry Paulson's legacy "will be the creation of a high-level, forward-looking dialogue between the United States and what will soon be the world's second-largest economy, China," said Frisbie in a statement.

"The past few months have reminded us that our economies are greatly interdependent, and success for each of us in the years ahead will require more engagement and cooperation, not less," he noted.

"This was the fifth high-level meeting, and the lesson we can draw is that progress comes through a patient process of building one success upon another," said Frisbie. "Through this approach, the future holds great hope of continued advancement on issues important to US interests."

China and the United States started their two-day fifth SED in Beijing Thursday. The two sides made many agreements on energy and environmental topics, global economic and financial cooperation, consumer safety, bilateral investment issues, and other areas.

Initiated by the two presidents in 2006, the twice-yearly SED is the highest-level among the existing China-US dialogue and consultation mechanisms.

China is the third-largest export market for US products and services, and US exports to China are growing far faster than U. S. exports to other major trading partners. US exports to China were up 17 percent through September of this year.

"China remains a source of growth for our manufacturers at a time when we face economic challenges on many other fronts," said Frisbie.

"We need to continue to develop these opportunities for our companies and workers, while at the same time we engage with China to remove trade barriers and integrate Beijing into the rules- based international economy," he noted. "The SED can help do just that, and the US-China Business Council encourages the Obama administration to build upon its success."

The USCBC is the leading organization of US companies engaged in business with China. Founded in 1973, the USCBC provides extensive China-focused information, advisory, and advocacy services, along with events, to roughly 250 US corporations operating within the United States and throughout Asia.

(Xinhua News Agency December 6, 2008)