1、 1 The China-U.S.Strategic and Economic Dialogue ZHOU Wenzhong took up the post of China s ambassador to the United States in 2005 and soonafter that preparatory work began for the launchof the China-U. S. Strategic Economic Dialogue.During his five years in the post the ambassador witnessedthe evol
2、ution and development of this dialogue. Now, theChina-U.S. Strategic and Economic Dialogue (S the economic dialogue was led by Chinese Vice-premier Wang Qishan and U.S. Treasury SecretaryTimothy Geithner. In the history of Sino-American relations the S with increasing financial cooperation becoming
3、necessary, many problems arose. China was also keen to launch thisdialogue; thered long been a disparity in the number of American banks in China and the number of Chinese banks in theUnited States. We wanted a mechanism where we could negotiate solutions with the American side,“ said Zhou Wenzhong.
4、 In step with the reform and opening-up process, Chinastarted to open up its financial market in the late 1970s. In 1983China passed and implemented Regulations on the Establishment of Resident Representative Offices in China by OverseasChinese and Foreign Banking Institutions. It was the first lega
5、linstrument to prepare the way for the entry and operation of foreign financial institutions in China. As symbolized by exchange rate reform and foreign exchangerestructuring in 1994, Chinas financial industry eutered thestage of marketization and internationalizatiou. Soon RMBbecame convertible und
6、er a current account; a new basic frame tablish 8 branches in the U.S. Bernanke said that the applicationsfrom ICBC and CCB were being handled, that the American sidehad no doubts regarding the qualification of the two banks; furthermore, they had respect for the opinions of the China Banking Regula
7、tory Commission, and work on the evaluation of related elements of the applications continued. The American sidehoped to finish as soon as possible. One of the achievements of this round was an agreement tolaunch negotiations on the Bilateral Investment Treaty. TheAmerican side said it welcomed the
8、sovereign fund from Chinaand reiterated its promises to open the financial market, giveChinese banks national treatment, and accept in a timely manner their applications to establish branches in the United States.It assured that it would examine and approve applications according to relevant procedu
9、res without intentional delay. Chinadeclared that the investment decisions of Chinas sovereign fundwould be based totally on business criteria. Two months after the dialogue, ICBC won approval to establish a branch in New York, and six months later CCBs application also got the nod. In October 2008
10、China joined the Inter-American Development Bank (IDB), donating US $35o million to support its financial development project in the Latin America and the Caribbeanregion. 9 Addressing the IDB press conference, Zhou Weuzhongsaid, “After 15 years of unremitting effort, a historic breakthrough has bee
11、n made in Chinas joining the Inter -AmericanDevelopment Bank.“ He continued: “The United States used to be negative aboutChina joining the Inter-American Development Bank, but afterthe launching of the China-U.S. Strategic Econmic Dialogue itsattitude gradually changed, and finally it had no objecti
12、on. Tbisled to a progressive deepening of negotiations between Chinaand the bank, and ultimately to our joining it.“ A Platform to Strengthen Cooperation Since the Hu-Obama meeting in early 2011, people are seeinga new type of China-U.S. cooperative partner relationship basedon mutual respect and re
13、ciprocal benefits. China is the biggest developing country and the United Statesis the biggest developed country. The impact of the Sino-Amerlean relationship goes far beyond the bilateral dimension. Bothsides have special responsibilities to world peace, stability anddevelopment. As Zhou Wenzhong p
14、ut it: “There are many common interests in China-U.S. economic relations and trade. It is aglobally strategic relationship and, in the deepening of 10 globalization, many issues call for cooperation and dialogue.“ According to Zhou, on average 5,000 people a day travelbetween the two countries. In J
15、anuary 2o11, President Hu ,lintao visited the United States and reached an agreelnent on theregular exchange of provincial and state governors that willstrengthen relations between Chinese provinces and Americanstates. Now, more than 8o Confucius Institutes and Confucius classrooms have been establi
16、shed on American soil, with someof the funding and faculty provided by China. The number ofpeople learning Chinese in the United States is much greaterthan students of other foreign languages, and the Chinese language is a carrier of the Chinese culture and a tool of economiclife. Zhou Wenzhong comm
17、ented, “The fever to learn Chinese inthe U.S. indicates the importance that Amerieans attach to theChinese people, and their desire for cooperation and exchangewith China.“ As each other s second biggest trade partner, the two-way tradevolume increased from US $8o.5 billion in 200l to 385.24 billion
18、in 2010. U.S. exports to China increased 2.9 fold, and its direct investment in China exceeds US $65.22 billion, maldng it one of thelargest sources of foreign investment. Chinas investment in theU.S. also exceeds US $4.73 billion and is increasing rapidly. Zhou Wenzhong was positive about future prospects: “Somany
