The 4th China-U.S. Strategic Economic Dialogue (SED) held in Annapolis, Maryland, has been a great success to the satisfaction of both nations. It has not only reached vital consensuses and attained the positive outcome, but also receives a high public opinion appraisal in the United States.
Two leading substantial attainments are particularly noticeable. First of all, the two nations signed a 10-year framework agreement on energy security and the environment, which Chinese Vice-Premier Wang Qishan cited as the brightest spot in the recent SED with a positive role to play for the sustainable growth of the economies of China and the U.S. as well as of the entire global economy.
Another conspicuous bright spot represents the formal launch of talks on bilateral investment protection treaty. The U.S. side has promised to open its financial market, to grant Chinese commercial banks with the national treatment and to promptly handle the application of Chinese banks to open branch operations in the U.S. Meanwhile, the Chinese side allows foreign financial institutions to begin with the consumption banking service on a trial basis, allows the "qualified" foreign companies to list on domestic stock exchanges by issuing shares or depository receipts, and allows the "qualified" foreign banks to issue RMB-denominated sub-prime bonds.
For the investment accord talks, Chinese Vice-Premier Wang Qishan noted, both sides also agreed during the SED to keep to the principle of freed trade and investment facilitation, so as to keep improving the investment environment. To this, US Treasury Secretary Henry Paulson expressed his joy and said that trade and open investment have been significant sources of economic growth.
Compared to the past three SEDs, the recent round of SED has demonstrated two major salient hallmarks:
First, the mood of the recent SED has become more relaxed and lively as compared to the three preceding rounds of dialogue. Some acute contradictions and differences or disparities have been alleviated to a great extent or even disappeared through the three previous SEDs and thanks to joint efforts from both sides, with substantial progress having been made in reducing the US trade deficit with China, in advancing the reform of the RMB yuan exchange rate mechanism and effecting an appreciation of about 20 percent in RMB yuan against the US dollar.
Meanwhile, as is known to all that China has done a great deal of effective work to improve the intellectual property right (IPR) and to raise the product quality and food safety. So American public opinions and US congressmen have not intimidated this time with high-sounding words for imposing pressures upon China and creating the tense atmosphere between the two countries.
Secondly, also more important, changes have taken place in the economic situation in both China and the U.S., although China has successively been ravaged by natural calamities since early this year, the Chinese government and people, as US President George W. Bush acknowledged, have displayed their strength for national unity in the quake relief and won the sympathy and respect of the world.
For another thing, a stream of natural scourges has not negagively affected China's economic development, which is still booming and thriving as a main motive force to pull global economy despite a shadow of uncertainty in the present world economy. In contrast, the sub-prime loan crisis and the US dollar devaluation in the U.S. have gravely implicated the world economy and drawn much criticism internationally. Consequently, the SED has become a kind of genuine exchange on an equal footing, which has enabled both sides to see benefits and values in continuing and carrying forward their strategic economic dialogue.
As a matter of course, the year 2008 is the year for presidential election in the U.S., and Americans are somewhat worried whether the SED will remain next year. The Chinese government always abides by its commitment and attaches great importance to the continuity of its policies, whereas in the United States, "every new sovereign brings his own courtiers", and the new administration is likely to have relatively great policy pendulum or swing ranges. So the new US government would be in need of undergoing a process of study and cognition in the foreign policy sphere. Therefore, it is almost predictable that the new administration will experience a downward curve with regard to its foreign policy in the early phase of performance. But historical experience has proven that the curve section will rise upward again with the passage of time, as the maintenance of the sound Sino-U.S. ties is definitely in the fundamental interests of the people of both nations and the people of the entire world at large.
By People's Daily Online and its author is Li Xuejiang, top PD resident correspondent in the U.S.
|
Comment
Tell A Friend
Print Format
Save Article