Senior economic officials from China and the United States are to meet today for the first session of the bilateral strategic economic dialogue, the highest-level talks ever between the two on economic topics.

The biggest challenge before them is whether they can focus their conversation on real strategic issues instead of dwelling on such short-term concerns as how fast the Chinese currency should appreciate.

As the world's biggest economy and the fourth-biggest and still rapidly growing economy, the United States and China do have much to discuss for their common long-term interests as well as for the general well-being of the regional and global economy.

They should communicate about their respective economic agendas, particularly about the components that have international implications.

Chinese officials should provide detailed information on its development in major sectors. This will greatly help their US counterparts understand China's current situation, its true intentions and its commitment to build a sophisticated market economy and to integrate itself into the world economy.

The US decision makers, on the other hand, need to convince their Chinese counterparts about the United States' sincerity in welcoming a stronger China into the global economic system. They also need to make the Chinese believe they have the vision and ability to take a sensible approach in dealing with Sino-US economic disputes rather than the unreasonable one that uses China as the scapegoat for US problems, such as its huge trade deficit.

Such exchanges, if conducted in a constructive way, would be conducive to the building of a better framework for bilateral relations. They will also help reduce misunderstandings and hostilities on economic issues.

There has been growing protectionism in international economic activities in the past few years, as shown in the stalled Doha round of trade talks and in Chinese firm CNOOC's abortive bid to acquire US energy company Unocal. A more co-operative spirit in Sino-US economic exchanges will not only benefit the two countries but also help prevent a regressive trend in the world's free trade.

However, in the days running up to the dialogue, familiar calls were heard to press China on issues like the renminbi and intellectual property rights.

Concerns about these practical matters are justifiable. But the US side must take a pragmatic attitude on these issues and should not raise unrealistic requirements.

More importantly, US officials should refrain from concentrating on these topics while neglecting strategic issues.

Too much time and energy are devoted to issues like the renminbi exchange rate, with little real outcome. Worse still, this approach has seen the two sides miss opportunities for an economic relationship that will bring more benefits to the two nations and the rest of the world.

The United States and China now have a new opportunity. It is our hope that they will prove they are visionary, able policy-makers and that they are not wasting their time.

(China Daily December 14, 2006)