On the morning of May 24, 2010, the second round of China-US Strategic and Economic Dialogue (SED) opened in the Great Hall of the People. Chinese President Hu Jintao attended the opening ceremony and delivered an important speech. US President Barack Obama also addressed the opening ceremony. Hu stressed that China attaches great importance to developing relations with the US and the development of healthy and stable China-US relations in the long run complies with the common aspiration of the two peoples and the trend of the times and is beneficial to peace, stability and prosperity in Asia and the Pacific and the world at large.

Vice Premier Wang Qishan and State Councilor Dai Bingguo who are special representatives of Chinese President Hu and Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner who are special representatives of US President Obama co-chaired the SED.

Amidst warm applauses, President Hu delivered an important speech (see another full text of the speech). He pointed out that the world today is undergoing major development, major changes and major adjustments. As the permanent members of the UN Security Council and as the largest developing and developed countries in the world, China and the US share the same tasks and shoulder important responsibilities. We must uphold the correct direction of China-US relations, respect each other’s core interest and major concerns, respect the right of countries to independently choose development paths, maintain close exchanges at various levels including the high level, develop the mutually beneficial and win-win cooperation, strengthen coordination on regional hot issues and global issues and deepen the mutual understanding and friendship between the people of the two countries.

He noted that the second round of SED is held at the critical moment when new changes take place in the international political and economic situation and China-US relations face new opportunities of development. To make positive results out of the SED is of great importance to both China and the US. The two sides should make straight-out exchanges and in-depth communications on the comprehensive, strategic and long term issues of common concern, enhance mutual trust, reduce misgivings and push forward cooperation.

He finally indicated that to build the positive, cooperative and all-round China-US relations in the 21st century serves the fundamental interest of the two countries and their people and helps promote world peace and development. Let us make joint efforts to build a more promising future for China-US relations.

Obama said in his speech that the US welcomes China to be a strong, prosperous and successful member of the international community. The importance of US-China relations is comparable to any bilateral relations in the world in the 21st century. As two biggest economies in the world, the US and China should work with the G20 members to boost world economic recovery and cope with climate change and other global and regional issues. The SED helps the two countries reinforce communications and mutual understanding. The US expects to join hands with China to increase exchanges and cooperation in various fields, promote the common interest and push forward the positive, cooperative and all-round US-China relations.

Wang Qishan and Dai Bingguo addressed the opening ceremony respectively. Wang said that to build the positive, cooperative and all-round US-China relations in the 21st century is an important consensus reached by the two heads of state, the common aspiration of the two peoples and the core target of the SED. The economic relation between the two countries is the cornerstone of bilateral relations. As China continues to reform and open up, the bilateral economic, trade and financial cooperation will develop rapidly and economic ties will grow closer, and neither country will be exactly comfortable without the other. In particular, since the outbreak of international financial crisis, the two countries have been in the same boat to tide over the crisis. Facts show that the high degree of complementarities between the Chinese and the US economy determines that China and the US are not rivals of a zero-sum game but are mutually beneficial partners. As long as the two sides conduct open communications, increase mutual trust and seek common ground while putting aside differences, any difficulty is conquerable. Wang pointed out that the world economy stands at a critical moment of recovery at present and the situation remains complex. Both China and the US face many challenges and in-depth issues. He expressed confidence that the SED will definitely help both sides expand consensus, reduce differences and boost the healthy and stable development of bilateral relations.

President Hu and President Obama agreed to build the positive, cooperative and all-round US-China relations in the 21st century and the partnership of coping with common challenges and took the SED mechanism as a major strategic measure, which sends out the positive signal to the world that China and the US help each other to overcome difficulties and join hands to create a promising future of bilateral relations and the world at large, said Dai. Mankind and the China-US relations stand at a critical historical moment. Both countries should unswervingly make joint efforts in the direction set by the two heads of state and create a new type of relationship featured by mutual respect, harmonious coexistence and win-win cooperation between big powers with different social systems, cultural traditions and development stages so as to promote the lasting development and common prosperity of China and the US and benefit the two people and entire mankind as well.

Clinton and Geithner delivered remarks to the meeting respectively. Clinton expressed delight to see the rapid development and changes and promising future of the Chinese economy and society. The US and China are partners rather than rivals. To strengthen bilateral cooperation in solving global issues is beneficial to world peace and stability. It is of great significance that the two heads of state decided to build the positive, cooperative and all-round bilateral relations. The SED has achieved positive results since it was launched. Under the new situation, both sides should strengthen cooperation at all levels to handle challenges and achieve common goals. The US expects to cooperate with China, conduct in-depth dialogue on issues of common concern and push forward the bilateral relations constantly.

Geithner noted that the US and China enjoy key common interest and share important common responsibilities. The two sides should handle the bilateral relations in the spirit of mutual respect and cooperation, boost stronger and more balanced development of world economy, build a more stable global financial system, extend greater support for an open global trade system, forge a more solid international financial system and improve the international economic governance structure in order to more effectively address such global challenges as climate change, financial instability and unbalanced development. The US expects to strengthen cooperation and stand together with China regardless of situation, deepen cooperation through dialogue, seek solutions to challenges jointly and build closer and stronger bilateral relations.

The China-US SED mechanism was established under the joint initiative of President Hu and President Obama in April last year and the first round of SED was held in Washington, the US in July last year.