China and the United States on Thursday morning kicked off their first strategic economic dialogue, the latest sign of bilateral efforts to boost their long-term relationship.

Chinese Vice Premier Wu Yi and the U.S. Treasury Secretary Henry Paulson co-chaired the dialogue as special representatives of President Hu Jintao and President George W. Bush.

"The dialogue is a significant event in China-U.S. trade relationship.It is conducive to enhancing trust and dispelling suspicion to strengthen the dialogue between China and the United States in the economic field," Wu said at the beginning of the meeting.

She said the dialogue would focus on the discussion of "global, strategic and long-term" macro-economic issues of common concern.

The United States would like to forge mutually-beneficial trade ties with China as China has integrated into the global economic system, Paulson was quoted as saying in a statement released by the Chinese Foreign Ministry.

Paulson hailed the dialogue as a platform for the two countries to cope with strategic issues in economic relationship, the statement said.

The two-day dialogue focused on "China's development road and economic development strategy," the statement said.

The meetings are the first under a twice-a-year strategic economic dialogue mechanism, which was launched in the Chinese capital in September.

The dialogue came at a time that China-U.S. trade relationship may enter a more complicated and subtle stage as the five-year interim period after China's WTO accession came to an end on Dec.11. That means China would face more intense foreign competitions in various fields.

"That's why China and the United States held the strategic economic dialogue at this time," said Yan Xuetong, a researcher with Chinese prestigious Tsinghua University. "The dialogue will help avoid the escalation of the trade disputes."

At the dialogue, the Chinese and U.S. officials are expected to have extensive and in-depth discussions on a wide range of topics, including balanced development between urban and rural areas, sustainable development, trade, investment, energy and environment issues.

In her key-note speech titled "China's Development Road" on Thursday morning, Wu said, "I hope the dialogue will enable you to have a relatively comprehensive and systemic perspective of China, a better knowledge of our country, thus enhancing our mutual understanding and trust."

Her speech elaborated on China's adherence to peaceful development, industrialization, reform and opening up.

"China's development will not pose any threat, but offer opportunities to the world," Wu said.

China's sustainable development and social stability are the biggest contribution to the world peace and stability, Wu said.

"Different from other China-U.S. dialogue and consultation mechanisms, such as Joint Commission on Commerce and Trade, Joint Economic Committee and Joint Commission on Science and Technology, this dialogue doesn't target at any specific issue, but a package of issues strategic to bilateral trade relationship," said Yan.

"The significance of the dialogue lies in enhancing mutual understanding and identifying long-term, strategic principles that the two countries share," said Mei Xinyu, a researcher from the Trade Research Institute of the Ministry of Commerce.

The Chinese delegation to the dialogue include more than 10 ministers of finance, development and reform, science, labor, railways, communications, health, environment, central bank and Chinese ambassador to the United States.

The U.S. delegation is the highest-profile trade mission the United States has ever sent to China, including cabinet secretaries of commerce, labor, energy and health and human services.

The delegation also includes Ben Bernanke, chairman of the U.S. Federal Reserve Bank, who is paying his first visit to China. The U.S. Trade Representative Susan Schwab also took part in the meetings.

President Hu and Premier Wen Jiabao will meet with the U.S. delegation Friday afternoon.

The dialogue is the highest-level among the existing China-U.S. dialogue and consultation mechanisms.

Source: Xinhua