On July 31, 2007, Wu Yi, Chinese Vice Premier of the State Council and Special Representative of President Hu Jintao, and Henry Paulson, U.S. Treasury Secretary and Special Representative of U.S. President George W. Bush held consultation on the third China-U.S. Strategic Economic Dialogue (SED) in Ziguangge, Zhongnanhai.   They exchanged views on the principles, topics and arrangement of the coming third dialogue.

Wu said the SED was launched with the support of the Chinese and U.S. heads of state and the success of the two previous rounds resulted from the efforts made by the two sides to improve the trade relations and to properly address the trade disputes based on equal dialogue and consultations. Wu told Paulson the dialogue should be continued with a comprehensive, long-term and strategic perspective and be given full play in developing bilateral relations with the emergence of "new situations".  China would make joint efforts with the U.S. side to further implement the projects or programs agreed in the previous dialogue and make preparations for a successful dialogue, Wu said.

Paulson said the SED should be more strategic and forward-looking, calling for the two nations to handle the trade relations from a strategic angle and make better use of other mechanisms to resolve trade issues between the two countries.   The United States would maintain close consultation with China on the third SED, Paulson said.