BIZCHINA / Center
Wu Yi: Strategic talks are a complete success
By Jiang Wei (China Daily)
Updated: 2007-05-24 09:15
China and the United States yesterday signed a slew of agreements at the
conclusion of two days of high-level economic talks, which Vice-Premier
Wu Yi described as "a complete success".
"We have reached broad consensus and realized positive results," Wu, who
led the Chinese delegation to the China-US Strategic Economic Dialogue
(SED), told reporters.
China's Vice Premier Wu Yi delivers her statement at the conclusion of
the U.S.-China Strategic Economic Dialogue in Washington May 23, 2007.
[Reuters]
The two countries agreed on a wide variety of next steps to be taken in
such areas as financial services, energy and the environment, trade
balance, civil aviation and innovation.
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As part of the opening up of the financial sector, the quota for
qualified foreign institutional investors will be tripled from $10
billion to $30 billion.
On the aviation front, daily passenger flights between the United States
and China will more than double by 2012; and air cargo companies will
have virtually unlimited access to China. "Piece by piece, we are making
it easier, cheaper, and more convenient to fly people and ship goods
between our two countries," US Transportation Secretary Mary E. Peters
said.
Under the pact, US carriers will be able to operate 23 daily round trip
flights by 2012, up from 10 now.
Wu said that Sino-US trade relations are among the most complex and call
for creativity and consultations to solve problems that may arise.
She said the talks should serve a constructive purpose and keep the
countries from reverting to the "easy resort to threat and sanctions".
US Treasury Secretary Henry Paulson told the briefing: "While we have
much more work to do, we have tangible results for our efforts thus far.
"These results are like signposts on the long-term strategic road,
building confidence and encouraging us to continue moving forward
together."
He added: "We agree that strengthening and developing our trade relations
will create jobs and give our citizens a wider variety of choice and
lower prices on goods.
"We agree that by combining the power of our economies, we can spur
further development of clean energy technology."
According to a briefing by the US Environment Protection Agency on
Tuesday, the two sides discussed four areas for environmental
collaboration, including developing up to 15 large-scale coal-mine
methane capture and utilization projects in China over the next five
years and pushing ahead with the development of a low sulfur fuel policy
for China.
Before the next session of the SED to be held in Beijing later this year,
the two nations will complete the Joint Economic Study to evaluate
different policy approaches for saving energy and controlling emissions
from the Chinese and US power sectors.
The Chinese delegation was scheduled to meet the Speaker of the House of
Representatives Nancy Pelosi yesterday afternoon; and US President George
W. Bush today. The Chinese delegation will head to Seattle to visit the
Boeing plant before returning home tomorrow.
In the previous round of the SED held in Beijing last December, the two
sides reached consensus on issues such as facilitating trade and
investment, strengthening intellectual property rights and encouraging
competition.
Agencies contributed to the story
(For more biz stories, please visit Industry Updates)
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