China-US dialogue mechanisms conducive to strengthened ties(3)

STRENGTHENED ECONOMIC TIES

Previous rounds of S&ED have yielded tangible economic fruits and witnessed strengthened ties between China and the United States on a large array of economic and trade sectors.

China's trade with the United States rose 8.5 percent from a year ago to 484.7 billion US dollars in 2012, a significant increase from 80.5 billion dollars in 2001, according to Chinese customs statistics.

In a joint economic track fact sheet of the fourth round of S&ED last year, the two countries reaffirmed the importance of fostering open, fair and transparent investment environments to their domestic economies and to the global economy, pledging to schedule further negotiating rounds on the bilateral investment treaty.

During the third round of S&ED in 2011, China and the United States signed a framework of comprehensive economic cooperation to promote strong, sustainable and balanced growth, as well as beef up macroeconomic-policy communication and coordination.

Both countries aimed at taking measures to promote more balanced bilateral trade, resolving trade and investment disputes in a constructive and cooperative manner, exploring new cooperation opportunities in the process of transforming and restructuring their economies, and deepening cooperation in the financial sector.

In the upcoming S&ED, both sides will hold talks on expanding bilateral trade and investment cooperation. China also hopes the United States will take substantial actions to lift the ban on the exports of high-tech products to China as well as recognize China's market economy status as soon as possible, Chinese Vice Finance Minister Zhu Guangyao told reporters last week.

It provides the two nations with an opportunity to discuss major issues and to build upon the understanding Xi and Obama established at their meeting last month.

The full slate of issues up for discussion will have multilateral impact and the entire global community is vested in their outcome, said Kenneth Lieberthal, a senior fellow at the Washington-based Brookings Institution.