As an important recent agreement reached by President Hu Jintao and President Bush, China and the United States decided to establish a bilateral mechanism of strategic economic dialogue. In order to implement this agreement, US Treasury Secretary Henry M. Paulson visited China on 19-22 September 2006 and held talks with Chinese Vice Premier Wu Yi. Today the two sides are pleased to announce the inauguration of the mechanism of China-US strategic economic dialogue. President Hu will meet Secretary Paulson later.

Given growing economic globalization and ever closer China-US economic relations, stronger strategic dialogue between China and the United States in the economic area is conducive to their economic cooperation and the growth of China-US constructive and cooperative relations. It will also exert a positive impact on world economic development and global stability and security. The dialogue will focus on strategic and global macroeconomic issues related to their common interests.

The existing bilateral dialogue and consultation mechanisms, such as the Joint Commission on Commerce and Trade, Joint Economic Commission and Joint Commission on Science and Technology, will remain unchanged and continue to play their positive and important role in China-US economic and trade cooperation.

Both President Hu and President Bush show a keen interest in and strongly support the China-US strategic economic dialogue and expect it to produce fruitful results.