The second meeting of the China-US Strategic Economic Dialogue (SED) opened in Washington on May 22. It was co-chaired by Chinese President Hu Jintao with Vice Premier Wu Yi, and US President George W. Bush with Treasury Secretary Henry Paulson.

Wu said in her opening statement that economic and trade relations between China and the United States have made rapid headway. "Their exchanges in the political, military and cultural fields, science and technology, and tourism keep expanding. Equal consultation and win-win cooperation have become the overall situation and defining nature of China-US relations. Strengthened strategic mutual trust and the development of a constructive partnership between China and the United States serve the fundamental interests of the two peoples," she said.

Wu added that the two sides should view their economic and trade relations from a long-term, strategic perspective to bring the role of the SED into play more effectively. She also said that the two countries should strengthen economic and trade cooperation with a view to maintaining their national interests, resolutely oppose trade protectionism in whatever form, promote the sustained and stable progress of economic and trade cooperation, and make sure such cooperation continues to be a key driving force for economic prosperity. They should avoid politicizing economic and trade issues in the spirit of making the most of their mutually beneficial bilateral economic and trade relations. They should also cope calmly and properly with problems and conflicts in this field, as such problems can only be addressed by following economic rules. Politicizing economic and trade issues is absolutely unacceptable, she affirmed.

"Cooperation should be strengthened and effective measures should be taken to appropriately address the outstanding issues in our bilateral economic and trade relations," she stated. "Both sides should first of all analyze the differences in their economic structures and production factor endowments and seek solutions from inside. The two countries should jointly explore effective solutions on this basis instead of forcing one's own views upon the other by imposing pressure on the other. China will work together with the United States to implement the instructions of the two countries' heads of state, deepen cooperation and build mutual trust in light of China-US long-term interests. Thus the two countries will try and move their economic and trade relations and constructive partnership forward."

In his speech Paulson said that the United States and China both understood that it was of vital importance for the two countries to ensure that their economic relations develop along the right path. An open, honest economic relationship between the two countries is pivotal to the future of the global economy, he affirmed. China's economic development has injected impetus into world economic growth, Paulson said, adding that the United States is supportive of a stable and prosperous China and its efforts to further open up its economy. Economic and trade cooperation benefits people on both sides. The United States welcomes competition, which will make both countries stronger, according to the treasury secretary.

Paulson also noted the United States and China should not shun their responsibilities to the world. Instead, he said, they should play a positive and constructive role.

Former US Secretary of State Henry Kissinger spoke at the opening ceremony as a special guest. Kissinger reviewed the development of China-US relations since the two countries issued the Shanghai Communiqué in 1972, saying that 35 years previously nobody would have imagined that their relationship would grow to what it is today. The Chinese and Americans, he said, should be proud of the way the two countries have developed this relationship, which also has a great impact on world peace. The two countries now have the unique opportunity to set an example for the rest of the world in terms of cooperation and vision, he concluded.