WASHINGTON – U.S. Trade Representative Susan C. Schwab today welcomed the announcement that President George W. Bush and President Hu Jintao have agreed to create a Strategic Economic Dialogue between the United States and China.

The Strategic Economic Dialogue reflects the growing relationship between the U.S. and Chinese economies. This dialogue will occur at the highest official levels and is the first of its kind. On the U.S. side it will headed by Treasury Secretary Henry M. Paulson. It will provide an overarching framework for ongoing productive bilateral economic dialogues and future economic relations. It will examine long-term strategic issues, as well as provide coordination among the specialized continuing dialogues. The SED will also be a forum for discussing ways the United States and China can work together to address economic challenges and opportunities as responsible stakeholders in the international economic system.

"The agreement between President Bush and President Hu to create the U.S.-China Strategic Economic Dialogue, announced today by Secretary Paulson in Beijing, demonstrates the shared commitment of our two countries to develop beneficial and enduring economic ties," said Ambassador Schwab. "The discussion of long-term structural issues in the Strategic Economic Dialogue will provide a solid foundation for our ongoing efforts to achieve concrete solutions to current trade issues through the Joint Commission on Commerce and Trade. It is also builds on the "Top-to-Bottom Review" of U.S.-China trade relations, completed earlier this year by the Office of the U.S. Trade Representative, which underscored the need to strengthen communications between senior U.S. and Chinese officials. I look forward to working with Treasury Secretary Paulson and Vice Premier Wu Yi on this initiative."