Wu Yi, Vice Premier of the State Council and Special Representative of President Hu Jintao, attended the welcome banquet hosted by the 6 American organizations and delivered an important speech at the banquet on May 24, 2007, during her visit to the United States for the 2nd China-US Strategic Economic Dialogue. She stressed that China and the United States should strengthen dialogues and communications, which will benefit not only the economic development of both countries, but also the continuous and steady growth of the global economy.

The welcome banquet that night was hosted by the U.S.-China Business Council, the U.S. Chamber of Commerce, the China General Chamber of Commerce-USA, the American Bankers Association, the American Council of Life Insurers and the Financial Services Forum and attended by over 600 representatives including the members of the Chinese delegation and the representatives from the United States including Treasury Secretary Henry M. Paulson, Secretary of Commerce Carlos M. Gutierrez, Secretary of Labor Elaine Chao, and Secretary of Health and Human Services Michael Leavitt. Wu delivered an important speech titled Sincere Talks and Common Development.

Wu said that the second China-US Strategic Economic Dialogue ended with a success. Both sides agreed that the continuous and steady development of the economic and trade ties between China and the United States conforms to the fundamental and long-term interest of both countries. As the largest developing nation and the largest developed country, China and the United States enjoy a promising prospect of wider cooperation in many areas. The increased dialogues and communications benefit not only the economic development of both countries, but also the continuous and steady growth of the global economy.

Wu pointed out that in order to give better play to the Strategic Economic Dialogue, both sides should work on the following areas: first, to discuss the economic issues of overall, strategic and long-term nature that interest both countries from a macro- and long-term prospective; second, to conduct consultations on an equal footing, seek common ground while putting aside differences, and take the concerns of each side into full account; third, to expand areas of common interest and achieve mutual benefits and win-win results from a developmental perspective; fourth, to deepen understanding, increase mutual trust and keep expanding consensus.

Wu said that the economic and trade cooperation between China and the United States has go through an extraordinary path since the establishment of diplomatic ties 28 years ago. It is inevitable that new problems will emerge in the process of fast growing economic and trade cooperation and it is a long-term task of both countries to resolve these problems. Politicising the economic and trade issues or adopting trade protective measures would only hurt the interest of both sides.

Wu stressed that developing the mutually beneficial and win-win economic and trade ties are of great significance to the enhancement of the welfare of the people and the promotion of the comprehensive and healthy growth of the China-US relations in the new century. She hoped that the entrepreneurs and the people who are devoted to the China-US friendship could look at the whole picture, look into the future and join hands in writing a more beautiful chapter of China-US economic and trade relations.

Wu made a detailed statement on a number of issues of mutual interest, including the trade balance between China and the United States, the opening of the service industry, the protection of IPR, and the RMB exchange rate and answered the questions.

Henry Paulson, US Treasury Secretary and Thomas Donohue, President of the US Chamber of Commerce, also delivered speeches. Paulson said that we have one common goal, that is, to maintain and consolidate the relations between China and the Unites. The economic and trade relationship is the core of US-China relations. The Strategic Economic Dialogue enables us to have exchanges and consultations on the basis of equality and mutual benefit and face the challenges ahead of us together. Donohue said that the US Chamber of Commerce is very supportive of enhancing the common interests of both countries through dialogues and tackling the global challenges together.