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The Sino-US strategic economic dialogue, the highest level talks of their kind between the two countries, was jointly initiated by President Hu Jintao and his US counterpart George W. Bush in September 2006.

The second round of meetings being held in Washington today and tomorrow will be co-chaired by Vice-Premier Wu Yi and US Treasury Secretary Henry Paulson.

Both delegations comprise ministers and high-ranking officials in charge of trade, finance, foreign affairs and environment issues.

Reflecting the growing economic relationship between the US and China, the mechanism provides a framework for productive bilateral economic dialogue and relations.

It is also expected to create 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 international economic system.

The primary goal of the biannual dialogue is to ensure that the benefits of the growing economic relationship between the US and China are fairly shared by the citizens of both countries.

The first round of strategic economic dialogue was held in Beijing in December with the two sides reaching consensus on a number of issues such as opening China's aviation market, stock market and boosting trade in clean energy.

There are more than a dozen dialogues of various levels between the two countries, including the Joint Commission on Commerce and Trade, Joint Commission on Science and Technology, Economic Development and Reform Dialogue, Energy Policy Dialogue and the Asia-Pacific Partnership on Clean Development and Climate.

(China Daily 05/22/2007 page5)