The second round of China-US Strategic and Economic Dialogue (SED) was held in Beijing from May 24 to 25, 2010. Vice Premier Wang Qishan and State Councilor Dai Bingguo who are special representatives of Chinese President Hu Jintao and Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner who are special representatives of US President Barack Obama co-chaired the SED. The two sides exchanged in-depth views and reached important consensuses on the building of positive, cooperative and all-round China-US relations in the 21st century and on the strategic and long-term issues and issues of overall importance concerning bilateral cooperation.

In the economic dialogue, both sides conducted in-depth discussions and expanded consensuses on topics of common concern, such as the world economic situation, change of the economic growth mode, strengthening of the economic, trade and financial cooperation and reform of the global economic governance structure, which is of great importance to consolidating the sound momentum of economic recovery of both countries and boosting the strong, sustained and balanced growth of world economy. The two sides sat down together to make in-depth communications, straight-out exchanges and rational discussions on the issues of common interest and the existing differences, which itself is the biggest achievement of the dialogue. As the economic ties between the two countries get closer, China and the US are able to take into full account differences in their history and culture, national conditions, development stages, economic structures and market maturity and handle disputes and problems of bilateral relations more and more rationally and maturely. While adhering to their principles, the two sides should try to better understand each other’s position, gather consensus, strengthen cooperation and achieve mutual benefit and win-win outcome.

During the strategic dialogue, both sides mainly held frank and in-depth talks and communications on the issues of promoting China-US relations in the new era, respecting each other’s core interest and major concerns, strengthening coordination on major international and regional issues, jointly supporting the international system reform and building the regional cooperation mechanism in Asia and the Pacific. Related government agencies of both countries conducted consultations and bilateral meetings on such issues as energy security, climate change and the UN peacekeeping operations.

The world has entered into the post-financial crisis era. The situation faced and the responsibility shouldered by both China and the US determine that they must enhance mutual trust through close communications, realize win-win outcome through expanding cooperation and tackle challenges through reinforcing coordination. Only by continuing to help each other, the two countries can make the huge vessel of China-US relations sail through wind and waves.

China-US relations have a great significance to the future of both countries and the world at large. To cultivate and deepen China-US strategic mutual trust is critical to the development of bilateral relations in the new era. It is impossible for China and the US to hold identical views on all the issues. They do have some contradictions and differences. The key is to follow the principles and spirit enshrined in the three joint communiqués and the China-US Joint Statement, respect and take care of each other’s core interest and major concerns, properly handle differences and sensitive issues and constantly improve the foundation of mutual trust. As long as the two sides adhere to the correct direction, they will be able to overcome disturbances and obstacles and ensure the healthy and stable development of China-US relations. They decided to make joint efforts to boost the stable development of bilateral relations during the dialogue.

They agreed to step up consultations, communications, coordination and cooperation on the bilateral, regional and global issues. They exchanged views on the current situation on the Korean Peninsula and expressed worry about the development of situation. They agreed that it is extremely important to ensure peace and stability on the Peninsula. The Chinese side stressed that under the current situation related parties should stay calm, exercise restraint, properly handle relevant issues and prevent the escalation of tensions in order to maintain peace and stability on the Peninsula.

They further discussed how to build the positive, cooperative and all-round China-US relations in the 21st century. The Chinese side emphasized that such relationship should be between partners in stead of between rivals or even adversaries, should be featured by peaceful co-existence in stead of grudge and containment and should be mutually beneficial in stead of harming the other to benefit oneself. Under such relationship, parties should treat each other equally and neither should obey the other or lend itself to the other side; they should make frank communications, share mutual understanding and trust, treat each other’s strategic intention rationally and objectively, respect and take care of each other’s core interest and major concerns and properly handle contradictions and differences. Such relationship should be highly responsible for the Chinese and the US people and people throughout the world, be non-aligned and not target at any third party.

After the end of the dialogue, Wang Qishan, Dai Bingguo, Clinton and Geithner jointly attended the signing ceremony of cooperation agreements and the joint press conference.