US-China Strategic & Economic Dialogue - May 9, 2011

“We have worked carefully and deliberately since then to demonstrate that basic truth. And our economies are stronger today because of the commitment of President Obama and President Hu to deepen our economic relationship, even as we each confront significant economic challenges at home.

“I want to compliment Vice Premier Wang for his leadership in this joint effort. He is a tough and forceful defender of China’s interests. He focuses on the practical and the achievable. And he recognizes that China’s economic success depends on a growing world economy and a strong relationship with the United States.

“When President Obama and President Hu launched the Strategic and Economic Dialogue, the world economy was in the grip of the worst financial crisis since the Great Depression.

“Today, thanks in no small part to the actions of the United States and China, we have put out the worst of the financial fires and the world economy is growing again.

“Because of the success of the cooperative strategy we launched with the G-20, world trade is expanding, not contracting, companies around the world are investing and hiring, and fears of deflation have receded.

“We still face very significant, though very different types of, economic challenges.

“In the United States – even after a year and a half of positive economic growth and more than two million private sector jobs created – unemployment is still very high, and we still have a lot of work to do in repairing the damage caused by the crisis.

“Our challenge is to strengthen the foundations for future economic growth. This requires a sustained effort to improve education and improve incentives for innovation and investment, even as we put in place the long term fiscal reforms that force us once again to live within our means as a nation.

“In China, building on the remarkable reforms of the last 30 years, the challenge is to lay the foundation for a new growth model, driven more by domestic demand, with a more market based economy, and a more sophisticated financial system.

“The reforms we must both pursue to meet these very different challenges are not in conflict, and the strengths of our economies are still largely complementary.

“And we each recognize that our ability to work together is important to the overall health and stability of the global economy.

“As President Obama has said, “no one nation can meet the challenges of the 21st century on its own, nor effectively advance its interests in isolation.”

“There’s a Chinese saying that eloquently reflects this same wisdom – ‘有福同享 有难同当 – Share fortunes together, meet challenges together.’

“We are making progress, and I am confident we will continue to do so.”

Source: http://www.treasury.gov/press-center/press-releases/Pages/tg1167.aspx

• As the biggest developing country and biggest developed country, Chinese and the U.S. economies enjoy strong complementarity and vast potential of cooperation, the Vice Premier added.

• Wang said that China and the U.S. play very important roles in the global economy, however, either in terms of hard power or in soft power, there are big differences between the two sides.  The key of global economic recovery still lies with the U.S., Wang said.

• He said that as two important members of the Group of 20, the U. S. and China need to strengthen coordination and cooperation and gradually and effectively advance the reform of global economic governance structure. At the same time, the two sides must strike a good balance among "strong, sustainable and balanced growth."

• Wang stressed that to deal with the global economic imbalance is a long term process and the two sides need to fully accommodate each other's concerns and deliver real benefits to their people through concrete results from the dialogue.

“Vice Premier Wang and members of the Chinese delegation, we now begin the economic part of our discussions.

“We meet against the backdrop of a gradual improvement in the overall global economic outlook.

“As always, we face new risks and challenges.

“Over the next two days, we will have a chance to discuss the opportunities for closer economic ties, to address areas of concern between us, and to share perspectives on the major challenges facing each of us at home as well as in the broader global economy.

“Overall, I believe we are making significant progress in strengthening our economic relationship.

“Over the past two years, we have seen very promising changes in the overall direction of Chinese economic policy – towards a more flexible exchange rate, a growth strategy less reliant on exports, and stronger protections for U.S. companies operating in and exporting to China.

“We have worked closely together to build a more effective global financial system, with reforms to make our financial systems more stable and with stronger tools to prevent and respond to future financial crisis.

“And in the United States, we are working very hard to repair the damage caused by the financial crisis, to reform our financial system, and to restore fiscal sustainability.

“We have set the agenda for these meetings to cover the most important economic challenges ahead of us – from trade and investment issues to energy and financial reform.

“Our primary goal is of course to strengthen and sustain the global economic recovery.  To that end, our core priorities are as follows:

• “First, we will continue our dialogue on China’s move towards a more flexible exchange rate with more open capital markets.
• “Second, we look forward to discussing financial sector reforms that will more efficiently and effectively finance China’s most dynamic firms, including small and medium-sized enterprises, and put more money in the pockets of Chinese consumers.  
• “And third, we will work to build on the commitments made by President Hu and President Obama to begin building a more level playing field – so that firms and workers in both our nations can compete in each other’s markets across the major sectors of trade between us – whether agriculture, manufacturing , energy, or advanced technology.

“We hope to continue to make progress on the protection of intellectual property rights, the promotion of technological innovation without discrimination against foreign firms, and the expansion of investment opportunities for both our nations.

“These meetings are very important to improve the level of understanding we each have of our respective economic priorities, to improve trust and confidence between us.  We share an obligation to demonstrate to the people of China and the United States that we can continue to make progress.

“I look forward to our discussions.”

Source: http://www.treasury.gov/press-center/press-releases/Pages/tg1168.aspx

• 09/26/1997  – Remarks at the People’s University –Treasury Secretary Robert E. Rubin – Beijing, China     

• 10/23/1997 – Expanding Trade Through Fast-Track Will Raise American Incomes

• 05/26/1998 –11th Session of the China-U.S. Joint Economic Committee – Secretary of the Treasury Robert E. Rubin and Finance Minister Xiang Huaicheng – Washington, DC        

• 01/1999 – U.S. Treasury and Federal Reserve Foreign Exchange Operations (July–September 1998)

• 04/09/1999 – Signing of the Customs Mutual Assistance Agreement between China and the United States – Secretary of Treasury Robert Rubin      

• 09/08/1999 – "The American Economy: Poised for a New Century" – Secretary of the Treasury Lawrence H. Summers – New York Economic Club     

• 09/15/1999 – Annual Report to Congress on International Economic and Exchange Rate Policy (November 1, 1998 to June 30, 1999)

• 10/12/1999 – “The United States and China at the Dawn of a New Century” – Secretary of the Treasury Lawrence H. Summers       – Asia Society New York

• 10/25/1999 – “China's Role in the 21st Century Global Economy” – Secretary of the Treasury Lawrence H. Summers – Qinghua University School of Economics and Management Beijing, China   

• 10/25/1999 – 12th Session of the China-U.S. Joint Economic Committee – U.S. Treasury Secretary Lawrence Summers and Chinese Finance Minister Xiang Huaicheng – Beijing, China

• 03/21/2000 – “The Case for Normal Trade Relations with China” – U.S. Treasury Secretary Lawrence Summers – Dallas Committee on Foreign Relations – Dallas, TX    
• 04/15/2000 – Annual Foreign Exchange Rate Report (2000)

• 10/26/2000 – 13th Session of the China-U.S. Joint Economic Committee – U.S. Treasury Secretary Lawrence Summers and Chinese Finance Minister Xiang Huaicheng – Washington, DC

• 01/15/2001 – 2000 Foreign Exchange Report

• 06/15/2001 – June Update to 2000 Foreign Exchange Report

• 09/05/2001 – Statement on Upcoming Trip to China and Japan – U.S. Treasury Secretary Paul O’Neill – China

• 09/10/2001 – Speech to University of International Business and Economics – U.S. Treasury Secretary Paul O’Neill – Beijing   

• 09/11/2001 – 14th Session of the China-U.S. Joint Economic Committee – U.S. Treasury Secretary Paul H. O’Neill and Chinese Finance Minister Xiang Huaicheng – Beijing           

• 10/10/2001 – Prepared Remarks before The National Foreign Trade Council – Treasury Secretary O'Neill         

• 10/15/2001 – 2001 Annual Foreign Exchange Report

• 04/18/2002 – Keynote Address on Globalization: Spreading the Benefits –Treasury Secretary O'Neill

• 04/24/2002 – Report to Congress on International Economic and Exchange Rate Policies (for the period July 1, 2001 through December 31, 2001)           

• 09/09/2002 – 15th Session of the China-U.S. Joint Economic Committee – U.S. Treasury Secretary Paul H. O’Neill and Chinese Finance Minister Xiang Huaicheng – Washington, DC

• 11/12/2002 – Report to Congress on International Economic and Exchange Rate Policies

• 05/06/2003 – Report to Congress on International Economic and Exchange Rate Policies

• 08/18/2003 –Encouraging Economic Growth in Asia – Secretary Snow

• 09/03/2003 – Press Roundtable Transcript – Treasury Secretary Snow – Beijing, China           

• 09/05/2003 – Statement at meeting of the Asia-Pacific Economic Cooperation Forum – Secretary Snow

• 10/01/2003 – "China’s Exchange Rate Regime and its Effects on the U.S. Economy" – Under Secretary John B. Taylor

• 10/14/2003 – U.S. Treasury, People's Bank of China Announce Technical Cooperation Agreement – U.S. Treasury Secretary Snow, Chinese Finance Minster Jin Renqing and Governor Zhou Xiaochuan of the People's Bank of China – Beijing, China    

• 10/30/2003 – Testimony on U.S.-China Economic Relations – Under Secretary John Taylor

• 10/30/2003 – Report to Congress on International Economic and Exchange Rate Policies

• 04/15/2004 – Report to Congress on International Economic and Exchange Rate Policies

• 04/28/2004 – Statement on U.S.-China Trade Relationship – Treasury Secretary John W. Snow

• 05/11/2004 – Statement – John B. Taylor, Under Secretary of the Treasury for International Affairs – Beijing, China

• 06/08/2004 – Statement on China-CME Foreign Exchange Agreement – Secretary Snow

• 09/09/2004 – Statement on China Currency Petition – Assistant Secretary Nichols

• 09/09/2004 – Fact Sheet: Treasury Efforts Yielding Results on China Currency

• 10/01/2004 – 16th Session of the U.S.-China Joint Economic Committee – Chinese Finance Minister Jin Renqing, U.S. Treasury Secretary John W. Snow – Washington, DC

• 10/15/2004 – Report to Congress on Intl. Economic & Exchange Rate Policies – Tony Fratto

• 10/21/2004 – Remarks with the New Directions for U.S. Economic Policy towards Japan and China – John B. Taylor, Under Secretary of the Treasury for International Affairs

• 12/03/2004 – Report to Congress on International Economic and Exchange Rate Policies

• 02/04/2005 – Statement on the Meeting of G7 Finance Ministers &Central Bank Governors with Chinese Counterparts

• 05/17/2005 – Report to Congress on International Economic and Exchange Rate Policies

• 07/21/2005 – Statement on China's Currency Reform –Secretary John W. Snow

• 09/14/2005 – Statement on Trade Liberalization – Secretary John W. Snow

• 09/15/2005 – Remarks before the U.S.-China Business Council – Under Secretary of the Treasury Timothy D. Adams

• 10/16/2005 – 17th Session of the U.S.-China Joint Economic Committee – Chinese Finance Minister Jin Renqing, U.S. Treasury Secretary John W. Snow – Beijing

• 11/28/2005 – Statement on Report on International Economic and Exchange Rate Policies  – Secretary Snow

• 05/2006 – Report on Exchange Rate Policies
• 09/20/2006 – The Joint Statement between the United States of America and The People’s Republic of China on the Inauguration of the U.S.-China Strategic Economic Dialogue – U.S. Treasury Secretary Paulson and Vice Premier Wu Yi – China

• 12/2006 – Report on Exchange Rate Policies

• 12/14/2006 – The First U.S.-China Strategic Economic Dialogue          – Treasury Secretary Henry M. Paulson, Jr. and Vice Premier Wu Yi – Beijing       

• 03/07/2007 – On the Growth and Future of China's Financial Markets – Treasury Secretary Henry M. Paulson, Jr. – Shanghai

• 04/30/2007 – U.S.-China Economic Relationship – Secretary Paulson – Washington, DC

• 05/22/2007 – The Second U.S.-China Strategic Economic Dialogue – Treasury Secretary Henry M. Paulson, Jr. and Vice Premier Wu Yi – Washington, DC

• 06/2007 – Report on Exchange Rate Policies

• 06/01/2007 – China Investment Forum – Acting Under Secretary for International Affairs Clay Lowery – New York

• 06/05/2007 – Remarks at the Heritage Foundation Lee Lecture: China and the Strategic Economic Dialogue – Treasury Secretary Henry M. Paulson, Jr. – Washington, DC

• 07/26/2007 – Treasury Statement on Currency Exchange Rate Oversight Reform Act – Washington, DC

• 08/01/2007 – Transcript of Press Roundtable – Secretary Paulson – Beijing

• 09/20/2007 – Remarks Prepared for Delivery at Peking University on Rebalancing the U.S.-China Economic Relationship – Under Secretary McCormick – Beijing

• 10/23/2007 – Remarks on Managing Complexity and Establishing New Habits of Cooperation in U.S.-China Economic Relations at the 2007 George Bush China-U.S. Relations Conference – Secretary Paulson – Washington, DC

• 11/08/2007 – Remarks before the 2007 China Institute Executive Summit on Shared Responsibilities and Shared Benefits in U.S.-China Economic Relations – Secretary Henry M. Paulson, Jr.

• 11/14/2007 – Remarks at Qinghua University Entitled Establishing New Habits of Cooperation in U.S.-China Economic Relations – Ambassador Alan F. Holmer – Beijing     

• 11/29/2007 – Remarks at the Southern Center for International Studies on Establishing New Habits of Cooperation in U.S.-China Economic Relations  – Ambassador Holmer – US

• 12/2007 – Report on Exchange Rate Policies

• 12/05/2007 – Remarks on Maintaining Forward Momentum in U.S.-China Economic Relations before The Asia Society – Secretary Henry M. Paulson, Jr.– Washington, DC

• 12/13/2007 – The Third Cabinet-Level Meeting of the U.S.-China Strategic Economic Dialogue – Secretary Paulson and China's Vice Premier Wu Yi – Beijing          

• 01/30/2008 – Remarks at the Council on Foreign Relations U.S.-China Economic Engagement: The Road to Faster, Deeper Reform – Treasury Under Secretary for International Affairs David H. McCormick – New York     

• 02/07/2008 – Statement before the U.S.-China Economic and Security Review Commission – Deputy Assistant Secretary Robert Dohner – Washington, DC

• 03/14/2008 – Remarks at the Symposium of the Bretton Woods Committee on China –Treasury Deputy Assistant Secretary Mark Sobel      – Washington, DC

• 05/09/2008 – Remarks on Global Financial Turmoil and its Implications for China – Treasury Under Secretary for International Affairs David McCormick – Shanghai

• 05/15/2008 –Treasury Releases Report on Exchange Rate Policies

• 05/21/2008 – The U.S.-China Strategic Economic Dialogue: Sustaining Economic Growth – Special Envoy for China and the Strategic Economic Dialogue Alan Holmer – Wuhan, China          

• 06/10/2008 – Paulson to Speak on US-China Economic Relations –Treasury Secretary Henry M. Paulson, Jr. –Washington, DC

• 06/17/2008 – Fourth Meeting of the US- China Strategic Economic Dialogue –Treasury Secretary Henry M. Paulson, Jr. and Vice Premier Wang Qishan –Washington, DC

• 10/21/2008 – Remarks on China and the Global Economy to the National Committee on U.S.-China Relations – Secretary Henry M. Paulson, Jr. – New York

• 11/05/2008 – Remarks on the Future of U.S.-China Economic Relations at The Johns Hopkins University-Nanjing University Center for Chinese and American Studies – Special Envoy for China and the Strategic Economic Dialogue Alan Holmer – Nanjing         

• 12/05/2008 – US and China Announce Annual Trade Finance to Assist Global Trade

• 12/5/2008 – The Fifth U.S.-China Strategic Economic Dialogue – Treasury Secretary Henry M Paulson, Jr. and Vice Premier Wang Qishan – Beijing        

• 12/10/2008 – Treasury Releases Report on Exchange Rate Policies

• 12/16/2008 – Remarks on U.S.-Asia Economic Relations Under Secretary McCormick

• 03/11/2009 – Meeting to discuss the Strategic and Economic Dialogue and issues related to the upcoming G-20 Ministerial meeting –U.S. Treasury Secretary Tim Geithner and Chinese Foreign Minister Yang Jiechi – Washington, DC

• 04/15/2009 – Semi-Annual Report to Congress on International Economic and Exchange Rate Policies       

• 06/01/2009 – The United States and China, Cooperating for Recovery and Growth The United States and China, Cooperating for Recovery and Growth – Treasury Secretary Timothy F. Geithner – Beijing    

• 07/06/2009 – Travel to China, Hong Kong – Under Secretary Levey

• 07/27/2009 – Op-Ed: A New Strategic and Economic Dialogue with China; Few global problems can be solved by either country alone – By Hillary Clinton and Timothy Geithner

• 07/28/2009 – First Cabinet-level Meeting of Economic Track of U.S.-China Strategic and Economic Dialogue – Treasury Secretary Timothy Geithner and China's Vice Premier Wang Qishan – Washington, DC

• 10/15/2009 – Treasury Releases Semi-Annual Report to Congress on International Economic and Exchange Rate Policies

• 11/17/2009 – U.S.-China Joint Statement – President Obama and President Hu – Beijing          

• 04/03/2010 – Statement on the Report to Congress on International Economic and Exchange Rate Policies – Secretary Geithner

• 04/08/2010 – Readout of Secretary Geithner's Meeting with Vice Premier Wang Qishan – U.S. Treasury Secretary Tim Geithner and Chinese Vice Premier Wang Qishan – Beijing

• 05/24/2010 – 2nd Meeting of the U.S.-China Strategic & Economic Dialogue - Economic Track –U.S. Treasury Secretary Tim Geithner and Chinese Vice Premier Wang Qishan – Beijing

• 06/10/2010 – Testimony before the Senate Finance Committee – Treasury Secretary Timothy F. Geithner – Washington, DC

• 06/19/2010 – Statement – Secretary Geithner

• 07/08/2010 – Treasury Releases Semi-Annual Report to Congress - International Economic and Exchange Rate Policies

• 09/16/2010 – Testimony on China's Currency Policies and the U.S.-China Economic Relationship Before the Senate Banking, Housing, and Urban Affairs and House Ways and Means Committees – Treasury Secretary Timothy F. Geithner          Washington, DC

• 10/15/2010 – Treasury Department Statement Regarding Decision to Delay The International Economic and Exchange Rate Policies Report to Congress – Treasury Secretary Timothy F. Geithner – Washington, DC

• 01/12/2011 – Remarks on "The Path Ahead for the U.S.-China Economic Relationship” – Treasury Secretary Timothy F. Geithner          –Washington, DC

• 01/21/2011 – Remarks to the Council on Foreign Relations – Under Secretary Lael Brainard – Washington, DC

• 01/20/2011 – Remarks on “The Transatlantic Relationship and the G-20” – Assistant Secretary Charles Collyns – The German Marshall Fund of the United States           

• 02/04/2011 – Semi-Annual Report to Congress on International Economic and Exchange Rate Policies – Washington, DC

• 02/10/2011 – Remarks at the U.S.-China Business Council’s “Forecast 2011” Conference – Under Secretary for International Affairs Lael Brainard – Washington, DC

• 03/03/2011 – Written Testimony before the Senate Foreign Relations Committee – Secretary Timothy Geithner – Washington, DC

• 03/30/2011 – Statement at the “High-level Seminar on the International Monetary System” – Secretary Timothy Geithner – Nanjing, China

• 04/08/2011 – Treasury Department Statement Regarding Decision to Delay Semi-Annual Report to Congress on International Economic and Exchange Rate Policies –Washington, DC

• 05/03/2011 – Remarks at a Discussion on the Upcoming U.S.-China Strategic and Economic Dialogue – Secretary Timothy Geithner – Washington, DC

• 05/09/2011 – Remarks at the 2011 U.S.-China Strategic and Economic Dialogue (S&ED) Opening Session   – Secretary Timothy Geithner – Washington, DC

• 05/09/2011 – Remarks at the 2011 U.S.-China Strategic and Economic Dialogue (S&ED) Economic Track Opening Session – Secretary Timothy Geithner – Washington, DC

My biggest takeaway from these is that, even in 1979, many of the “talking points” in policymakers’ speeches (both American and Chinese) are very similar as they are today.  What are your takeaways?  Share your thoughts below.