Opinion

Progress on Sino-US ties, but a great deal still to do

(China Daily)
Updated: 2010-06-01 10:39

Song Hong, an economist at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences

I'm very glad to see that the dialogue produced a number of satisfying results, with a more pragmatic attitude displayed in the effort to solve many issues.

This progress was not only embodied in the enhancement of mutual trust, but also in practical fields such as personnel exchange, new energy cooperation, China's MES and the loosening of restrictions on US high-tech product exports to China.

The broadening of the dialogue reflects the breadth of cooperation between the two sides. Although both governments kept quite low profile on the issue of yuan appreciation and the trade imbalance, the outcome of the dialogue far exceeded expectations, with requests from both sides fulfilled.

China got a commitment from the US on its MES, while the US will benefit from the exchange programs involving 100,000 students, new energy cooperation, and assurances that the Chinese investment in its national debt and financial assets would remain.

Of course it is somewhat disappointing that previous disputes centering on the yuan's appreciation and trade imbalance were not addressed sufficiently this time, but what is significant is the increased mutual trust resulting from this round of dialogue.