The first round of the China-US Strategic and Economic Dialogue (S&ED) ended in Washington Tuesday, with the two countries pledging to intensify bilateral ties and expand cooperation on major international issues and shared global challenges.

In a joint press release, the two countries said they had "a candid and in-depth exchange of views on the strategic, long-term and overarching issues concerning the development of bilateral relations" during the two-day dialogue.

"This inaugural round of the dialogue produced positive results and defined the path that will guide the two sides' efforts into the future, " it said.

Chinese Vice Premier Wang Qishan (R) and US Treasury Secretary Timothy Geithner co-chair the "Economic Track" of the China-US Strategic and Economic Dialogue (S&ED) at the US Treasury Department in Washington, July 28, 2009. [Zhang Yan/Xinhua]

Broad basis for cooperation

At a time of continued challenges in international financial markets, and when the international situation was undergoing complex and profound changes, China and the United States "share even more important responsibilities, extensive common interests, and a broader basis for cooperation," the press release said.

Both sides "recognized that China-US relations have maintained strong, positive momentum," it said.

According to the press release, the two sides agreed that increased China-US cooperation not only served the common interests of the two peoples, but also contributed to peace, stability and prosperity of the Asia-Pacific region and the world at large.

The two sides confirmed that President Barack Obama would visit China this year at the invitation of President Hu Jintao.

Both countries welcomed a recent improvement in military-to-military relations and agreed that the two militaries would expand exchanges at all levels.

The participants also expressed willingness to encourage China-US cultural and people-to-people exchanges and cooperation.

The US side said new policies were being developed to expedite visa processing for Chinese citizens -- an area that has hindered many Chinese trying to visit the United States -- and the two sides agreed to maintain close consultation on this issue.

The two sides also discussed ways to enhance mutual understanding and positive cooperation on human rights issues through a bilateral Human Rights Dialogue and other initiatives on the basis of equality and mutual respect.