[Title] The Joint Statement between the United States of America and The People's Republic of China on the Inauguration of the U.S.-China Strategic Economic Dialogue

Today, United States and China are pleased to announce the establishment of the U.S.–China Strategic Economic Dialogue, which was proposed by the United States and agreed to by China, implementing an important agreement reached by President Bush and President Hu Jintao. U.S. Treasury Secretary Paulson is visiting China on 19-22 September to discuss the establishment of the Strategic Economic Dialogue. Vice Premier Wu Yi met with him and jointly announced its formation. President Hu and Premier Wen Jiabao will be meeting with Secretary Paulson.

Given growing economic globalization and increasing bilateral economic relations, a high level strategic economic dialogue between the United States and China will promote economic cooperation and the growth of U.S.–China relations. Its establishment will have a positive impact on world economic development as well as global economic stability and security. The dialogue will focus on bilateral and global strategic economic issues of common interests and concerns. Both sides intend to meet twice a year in alternate capitals.

Existing bilateral dialogues and consultation mechanisms, such as the Joint Commission on Commerce and Trade, the Joint Economic Committee, and the Joint Commission on Science and Technology, will remain unchanged and continue to play their positive and important role in promoting U.S.–China economic and trade cooperation.

Both President Bush and President Hu will strongly support and take an active role in the Strategic Economic Dialogue.