US and China economic globalization more Good News
Dialogue paving the way to win-win progress
16:52, December 13, 2007
Thanks to accelerated economic globalization, the growing interdependent, mutually beneficial, and "win-win progress" China-US business relations have brought our two peoples closer together, Vice-Premier Wu Yi said Wednesday at the opening ceremony of the two-day, Third China-US Strategic Economic Dialogue (SED).On December 11 at 9:00 am, Wu Yi's American counterpart, Henry Paulson, Special Deputy to the US President and US Treasury Secretary, accepted an interview from People's Daily Online.
He expressed similar wishes for win-win cooperation. Paulson stated that an economic relationship and trade with China benefits both countries. "I think one of our jobs in the Dialogue is to make the case as to why trade is good, why China's economic success is good for the US, and the US economic success is good for China."In the first 10 months, the bilateral trade volume reached $248.19 billion, and is expected to top $300 billion for the entire year.
Paulson agreed that China has been the fastest growing export market for the US for five straight years; and reiterated that imports from China are not hurting the US economy. Instead, imports "increase choices for US consumers and help us contain inflation.
"He describes the China-US business relationship as complex and very important in the world due to its huge scale, broad scope and the extensive multi-party interests involved. Paulson said that "we need to focus on long-term issues, strategic issues, and also issues that are most sensitive at any point in time."Wu Yi echoed these statements at the opening ceremony, saying "history has repeatedly shown it is dialogue and consultation – not confrontation and finger pointing – that have enabled China-US business relations to grow… the relationship needs to be viewed from a strategic perspective.
"Paulson also told People's Daily Online that he expects to explore the ways in which both sides can cooperate through the Dialogue: a method which some Chinese scholars today compare to a platform for mutual understanding.As Tao Wenzhao, a scholar at China's Academy of Social Sciences put it, "Dialogue has become a bridge for upper-level communications between both sides, and a channel to settle issues under contention.
"Initiated in 2006, the SED is a semiannual event focusing on bilateral and global strategic economic issues of common interest.Leaders from both sides, each accompanied by their dignitaries, have concluded that interdependence between the two economies is evident and growing. "That is why we must not allow interest groups to harm our ties in their pursuit of self-serving goals," Wu Yi stated.Paulson also expressed that the US-China relationship has become central to each nation's interests and to maintaining a stable, secure and prosperous global economic system.
