New dialogue serves as first major step to build new-type China-U.S. relationship

By Zhi Linfei (Xinhua)

10:24, July 09, 2013

WASHINGTON, July 9 (Xinhua) -- The fifth China-U.S. Strategic and Economic Dialogue (S&ED), to be held here Wednesday, will serve as the first major step to implement the bilateral consensus on building a new type of major-country relationship.

This round of dialogue, to be co-chaired by Chinese Vice Premier Wang Yang and State Councilor Yang Jiechi together with U.S. Treasury Secretary Jacob Lew and Secretary of State John Kerry, will be the first high-level dialogue since Chinese President Xi Jinping and his U.S. counterpart Barack Obama held a summit in California in June.

At the unprecedented summit, which was regarded as having ushered in "a new chapter of trans-Pacific cooperation", both leaders pledged to seek to build a new model of relationship featuring coordination and cooperation instead of rivalry and confrontation.

They also agreed to continue the existing bilateral dialogues and exchanges, which were applauded for playing a crucial role in enhancing mutual trust, expanding cooperation and managing disputes.

In fact, the new round of S&ED is necessitated not only by the need to implement the consensus of the Xi-Obama summit, but also by the urgency to deal with differences and tackle shared challenges.

While endeavoring to shift the gear of economic development so as to sustain its growth, China is facing daunting challenges including shortage of resources, worsening pollution and uneven development among regions.

The U.S. economy is still reeling from the worst economic slowdown since the 1930s, as its recovery is far from steady and sufficient. It also faces major challenges such as spiraling fiscal deficit, ongoing sequestration and lingering high unemployment.

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