On September 20, 2006, Chinese Vice Premier Wu Yi held talks with special representative of the US President and Secretary of Treasury Henry Paulson at the Great Hall of the People. Both sides exchanged views on strengthening China-US economic and trade cooperation and bilateral constructive cooperative relations, and decided to launch China-US strategic economic dialogue mechanism.

Wu said currently the development of China-US relations enjoys a sound momentum in general and both sides have kept close exchanges at all levels and maintained effective consultation in the key areas of economy and trade, counter-terrorism, law enforcement, science and education and health, as well as on major international and regional issues. Facts have proved that maintaining friendly relations is the common aspiration of the two peoples and win-win cooperation is a correct choice of both sides, which is conducive to both countries and the world at large. China is ready to make joint efforts with the US to view and handle bilateral ties from a strategic and long-term perspective, actively implement the important consensus reached between the two heads of state, strengthen dialogue, build trust and promote cooperation in a bid to push for China-US constructive cooperative ties.

Paulson said both countries share broad common interest and US-China cooperation, which is very important, is one of the priority objectives of the US government's foreign relations. The US side looked forward to better dialogue and cooperation with China on a range of important issues.

Paulson noted bilateral economic and trade relations have achieved enormous progress and the two economies share close ties, adding that China's economic growth is significant to the US. He said President Bush attaches great importance to strengthening economic and trade ties with China and holds that the two countries, as global economic leaders, should launch strategic economic dialogue and cooperation to better orient the development of economic ties. In this way, both peoples can better share the benefit bought about by the cooperation and jointly respond to various risks and challenges to promote sustained growth and prosperity of global economy.

Wu recalled that in his recent remarks, Paulson has mentioned both countries are closely related to each other in global economy, which Wu agreed to. The bilateral economic and trade cooperation, which is complementary and mutually beneficial, has been developing rapidly and brought tangible benefits to both peoples. It has also become an important impetus behind the development of Asia-Pacific and world economy. It is unavoidable that some differences and frictions may emerge from the rapid growth of bilateral economic and trade cooperation. Both sides should properly handle them through dialogue and consultation based on the principle of equality, mutual benefit and common development, so as to avoid politicizing economic and trade issues and push for China-US economic and trade relations.

Both sides agreed that with the deepening of economic globalization and bilateral economic relations, China and the US, as the largest developing and developed nations respectively, should enhance the strategic dialogue in the economic field, which is conducive to bilateral economic cooperation and the two countries' constructive and cooperative relations. The dialogue will also have positive influence on global economic development and international security, they said. The dialogue mechanism was established according to a consensus between the two presidents, said Wu. Wu and Paulson will co-chair the dialogue as special representatives of Chinese President Hu Jintao and U.S. President George W. Bush.

Following the talks, the two leaders jointly met with journalists both from China and abroad, announcing the official launch of China-US strategic economic dialogue mechanism.

Chinese Finance Minister Jin Renqing, the US president's economic advisor Allan Hubbard, US Ambassador to China Clark Thorp Randt and other officials attended the talks.