High Level Exchanges Begin

The U.S.-China Strategic and Economic Dialogue began at the end of July.The dialogue had been planned during the George W. Bush presidency.It encompasses both economic and political matters.On the economic front,the two countries agreed to continue working for global economic recovery by easing their trade imbalance and revising financial regulations.They will also correct protectionism and climate change,while working to reform the World Bank and International Monetary Fund,so that China's rising status in the global economy is more fairly represented.
For its part,the U.S. reassured China that it has a exit strategy from deficit spending and monetary easing,which China fears may harm its 801.5 billion dollar investment in U.S. Treasury securities.Treasury Secretary Timothy Geithner said the U.S.-China efforts were vital,not only to the well-being of the two nations,but also to the health of the global economy.