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President Hu Jintao and US President George W. Bush agreed in August 2006 to create a Strategic Economic Dialogue (SED) between China and the United States.

Next week's meeting in Washington is the second under the twice-a-year arrangement, the first being held in Beijing in December 2006.

The SED is supposed to provide an overreaching framework for bilateral economic dialogues and future economic relations.

Moreover, it's expected to serve as a forum for discussing how the US and China can work together to address economic challenges and seize the opportunities as responsible stakeholders in the global economy.

The essential goal of this dialogue is to ensure that the benefits of growing bilateral economic relationship are shared fairly by the peoples of the two countries.

Both the presidents support and play an active role in the SED.

Bush has designated Secretary of the Treasury Henry M. Paulson to lead the US delegation at the meeting.

And Hu Jintao has named Vice-Premier Wu Yi as the leader of the Chinese team. Wu has been given full decision-making authority on all aspects of the Chinese economy.

Such is the importance attached to the dialogue that the Chinese government has created its largest- and highest-ranking inter-ministerial working group.

China Daily

(China Daily 05/16/2007 page2)