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Paulson: US-China economic ties growing in positive direction

(Xinhua)
Updated: 2008-06-11 14:40

The US-China economic relationship is growing in a positive direction through the on-going, dynamic and respectful discussions of the Strategic Economic Dialogue (SED), US Treasury Secretary Henry Paulson said Tuesday.

Delivering a speech outlining the goals of the high-level economic talks the two countries will hold next week, Paulson described the bilateral economic relationship as "complex, broad and important to both our countries and to the world economy."

The SED has brought progress faster and more broadly on issues important to the US and global economy than would have been possible otherwise, Paulson said, noting it is important to resist calls for erecting protectionist barriers.

"It is clear that our strategy for robust engagement with China - intensive dialogue but with resort to WTO dispute settlement and WTO-sanctioned trade remedies if needed - is more productive than protectionist policies or legislation," he said in his prepared remarks.

On June 17-18, high-level delegations from China and the United States will meet in Annapolis, Maryland, north of Washington, for the fourth round of SED launched in December 2006.

The upcoming discussions will focus on five areas, Paulson said.

These are: managing financial and macroeconomic cycles; developing human capital; the benefits of trade and open markets; enhancing investment; and advancing joint opportunities for cooperation in energy and the environment.

Paulson expressed his confidence that next week's meeting "will move the United States and China even further forward to a stronger economic future."

"We are building upon a shared vision that is possible because of our cooperation, and feasible because of our commitment to the prosperity of our people," the secretary said.

The SED is being held twice a year, alternating between the two countries. The last meeting was held in December in Beijing, China.