President Hu Jintao reiterated the importance of maintaining stable and mutually beneficial Sino-US economic relations, urging the two sides to make full use of the strategic economic dialogue (SED) to address issues of common concern.

 

Hu said the development of bilateral economic ties have not only brought tangible benefits to the people of both countries but have also been engines of global growth.

 

He made the remarks during a meeting in Beijing yesterday with visiting US Treasury Secretary Henry Paulson, who leads the US delegation in the SED. Vice-Premier Wu Yi heads the Chinese side at the twice-yearly forum.

 

Calling Paulson an old friend of China, Hu said the two sides should ensure that the SED is coordinated well with other Sino-US negotiation mechanisms to promote cooperation.

 

He also urged both countries to fully implement the follow-up actions of the SED to further enhance strategic mutual trust and deal with issues of mutual concern.

 

Paulson hailed the SED as helpful to enhancing bilateral economic relationship; and said he will work with Wu to make the dialogue a forum to ease friction and resolve disputes.

 

He added that the US is looking forward to strengthening cooperation with China in the fields of energy, environmental protection, food safety and finance.

 

Paulson joined other top Bush aides in a letter on Tuesday to congressional leaders to head off several trade-focused bills that are aimed at pressuring China to revalue the currency to ease the trade imbalance.

 

The letter was released after Paulson met Wu on Tuesday.

 

Paulson told reporters late Tuesday night that he warned against sanctioning Beijing over trade disputes and called for more dialogue.

 

Paulson held another private meeting with Wu last night before leaving Beijing for home.

 

(China Daily August 2, 2007)