Economy

China, US face common challenges, opportunities of co-op

(Xinhua)
Updated: 2011-05-10 15:33

The first round of China-US S&ED was held in Washington in July in 2009, while the second round was held in Beijing in May 2010.

When the first round of China-US S&ED was launched, the world economy was in the grip of the worst financial crisis since the Great Depression, said Geithner.

"Today, thanks in no small part to the actions of the United States and China, we have put out the worst of the financial fires and the world economy is growing again," he said.

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US Secretary of State Hillary Clinton, for her part, said her country does not see China's growth as a threat and wants to seek greater trust to work together with China on global issues.

"This is a chance to expand the areas where we cooperate and to narrow areas where we diverge," she said.

"Through these meetings, we seek to build a stronger foundation for mutual trust and respect," Clinton said.

She said both sides have much to gain from cooperation than conflict.

The two-day high-level dialogue was upgraded from the former Strategic Dialogue and Strategic Economic Dialogue mechanisms, which were initiated in 2005 and 2006 respectively.

Both sides are expected to exchange opinions on overall, strategic and long-standing issues in the development of China-US relations, as well as international and regional issues of common concern, in order to enhance understanding, strengthen mutual trust and step up cooperation.