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 Statement from Treasury Secretary Henry M. Paulson at the Closing of the U.S.-China Strategic Economic Dialogue


12/15/2006

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Beijing, China– Thank you Madame Wu for your great hospitality. My colleagues and I have been welcomed with tremendous warmth by you, your colleagues, and the Chinese people. We are grateful to President Hu, Premier Wen and you for hosting the first Strategic Economic Dialogue.

Thank you also, for fostering the spirit of openness and cooperation in which our discussions were held. China and the United States have shared economic interests, and we agree on many issues. When we disagree, we do so with mutual respect and with an eye toward finding agreement where possible.

Our conversations over the last two days have been very frank and productive. We both seek the best way forward on difficult issues. While we cannot resolve every difference in a single meeting, the candid conversations we have had here will make progress more achievable.

The United States and China know that our economic relationship is best when it produces benefits for both our countries. And we know that balanced sustainable growth in China is vital to the strength of the global economy.

We will each take measures to address global imbalances, notably through greater national savings in the United States and through increased domestic consumption and exchange rate flexibility in China, and maintaining open investment in both countries.

The United States will share our experiences with the Chinese government on enhancing China's social safety net; opening China's markets to competition and investment; and developing cleaner, more abundant sources of energy.

And we welcome China's role as a responsible stakeholder in international organizations particularly the WTO. We look forward to working together to help craft a successful Doha agreement. It also is encouraging that we have agreed on so many principles even though we have differences on the timing of certain reforms.

We have agreed to continue and focus discussions on a number of issues, including working toward sustainable growth and greater integration into the global economy without significant trade imbalances, and maintaining high productivity and enhancing protections for intellectual property rights.

The agreements we have forged and the relationships we have built will make future discussions even more fruitful. On behalf of the American delegation, I thank Madame Wu for her hospitality. We leave here with more optimism for the future, and we look forward to hosting you in Washington next year.

 

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