Monday September 1, 2014

THIRD ROUND OF STRATEGIC & ECONOMIC DIALOGUE  YIELDS “MILESTONE” AGREEMENTS

May 9, 2011

U.S. Secretary of State Hillary Clinton addresses the opening ceremony of the third round of China-U.S. Strategic and Economic Dialogue in Washington D.C. , the United States, May 9, 2011. (Xinhua/Zhang Jun)

U.S. and Chinese officials ended the third round of the Strategic & Economic Dialogue on Tuesday, May 10, with unprecedented agreements on bilateral economic and military issues. After two days of talks between top-level American and Chinese leaders, the two countries agreed to expand their level of military cooperation, initiating regular meetings of the nations’ top military commanders at a “Strategic Security Dialogue.” Discussions over economic matters also showed progress as Treasury Secretary Timothy Geithner and Vice Premier Wang Qishan mapped out a “framework of comprehensive economic cooperation.” The guidelines ensured increased American access to Chinese markets, a more open Chinese financial sector, heightened regulation regarding intellectual property rights, and intentions of liberalizing the Chinese currency policy.

The third round of the annual meeting was not expected to yield constructive results, with the U.S. intending to press Chinese officials on their currency management and on human rights issues. The Chinese government’s manipulation of the yuan and their policies supporting “indigenous innovation” have recently received U.S. criticism for fostering an unfair market for foreign companies. The government’s recent crackdown on political activists and dissidents has also garnered international disapproval, with Secretary of State Hillary Clinton scorning China’s human rights record as “deplorable.”

While some disagreements were left unsettled, the discussions overall resulted in tangible efforts at bilateral cooperation and highlight the positive development of U.S.-China relations since President Hu’s January state visit.

For further information on the U.S-China Strategic & Economic Dialogue, please see the following news sources and commentary.

Outcomes of the Strategic Track – State Department

Outcomes of the Economic Track – Department of Treasury

“U.S., China reach ‘milestone’ agreement on security, economic policy” – The Washington Post

U.S.-China Talks Make Progress on Market Access – Wall Street Journal

Discussion with US Treasury Secretary Timothy Geithner & Chinese Vice Premier Wang Qishan – Charlie Rose

“Biden, Clinton bluntly press China on Rights” – Reuters

Hillary Clinton: Chinese System Is Doomed, Leaders on a ‘Fool’s Errand’ – The Atlantic

“U.S.-China Talks: What to Look For” – Council on Foreign Relations

“U.S.-China Strategic and Economic Dialogue is Vitally Important” – Brookings Institute