December 13, 2007
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Secretary Henry M. Paulson, Jr.
Closing Statement
Meeting of the US-China Strategic Economic Dialogue

Thank you Vice Premier Wu Yi and the Chinese Delegation for your hospitality in hosting this third meeting of our Strategic Economic Dialogue.  These have been instructive and constructive discussions.  On behalf of my colleagues, we thank our retiring colleague, Madame Wu, who has been an extraordinary representative for the Chinese people. 

We have had substantive, robust and engaging exchanges on a range of issues important to both our nations including the integrity of trade, balanced growth including financial services, energy security and environmental sustainability, and bilateral investment.  The quality of our discussions has improved over the last year, as we have all come to know one another better.  By building closer relationships we have clarified perceptions and increased understanding, which is vital to keeping our economic relationship on an even keel.

I am particularly pleased that the SED provided a strong foundation from which to manage the emerging challenges in the area of food and product safety.  The signing of agreements this week, and other agreements this fall, is an example of the SED's effectiveness in addressing immediate concerns, while advancing long-term shared interests.  The progress we have made in recent months on this issue serves as a model for cooperation in the SED on all areas of our dialogue.

Both the United States and China are major contributors to global growth.  As such, we each benefit from the other's success.  We discussed the importance of balanced growth in both our nations, and the role of competitive markets in spreading the benefits of growth to all our people.  We also both recognize the need to fight economic nationalism and protectionism in our two nations.  Countries cannot protect their way to prosperity.

China and the US recognize that working together we can each be more effective in achieving energy efficiency, energy security and a cleaner environment.  Toward that end, we agreed to conduct extensive cooperation over a 10-year period to focus on technological innovation, adoption of clean technology and sustainable natural resources.

I am pleased with the great strides we have made in the last 12 months, and there is much more to do.  The SED has proven to be an effective forum for progress, and I look forward to continuing progress in managing our economic relationship for the benefit of both our nations.