3rd China-US SED concludes with complete success

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Chinese Vice Premier Wu Yi (R Back) and United States Treasury Secretary Henry Paulson (L Back) hold a joint news conference after the Third China-U.S. Strategic Economic Dialogue in Beijing, Dec. 13, 2007. The two-day meeting was concluded on Thursday.(Xinhua Photo)

Wu Yi said, "We have agreed to establish a working group for cooperation over a 10-year period to focus on technological innovation, adoption of clean technology and use of sustainable natural resources. "

Latest US figures show that America's trade deficit with China jumped more than 9 percent to nearly 30 billion US dollars in October. That is a record for a single month.

While China urges the US to lift restrictions on high-tech exports, American officials say China must allow greater access to its markets for American goods and services and further reform its currency regime.

Henry Paulson said, "I an pleased with the great strides we have made in the last 12 months and there is much more to do."

During the meeting, the two sides also worked out new tasks to achieve after the meeting and decided that the fourth SED will be held next June in Washington.

Disputes will continue to occur as ties develop, and it will be hard to completely resolve them through one or two talks. But both China and the US agree that enhancing mutual understanding and accommodating each other's concerns through deepening dialogue and consultations ensure that their important and complex business ties will continue to grow.