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FEATURE STORY: U.S.-China Strategic and Economic Dialogue (SED)
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U.S.-China Strategic and Economic Dialogue (SED)
By Harold Murphy

BT 201707 FEATURE STORY 03      日前,《中美经济合作百日计划早期收获》的详细清单公布,明确了计划的第100天,也就是7月16日之前实现美国牛肉输华和中国熟制禽肉获准进入美国市场。中国对美国的解禁,给国内带来物美价廉的美国牛肉的同时,也进一步加大了牛肉市场的多元化。作为回报,美国承诺移除针对中国禽肉设置的障碍。中国解禁美国牛肉,美国放行中国禽肉,中美用农产品贸易互表善意,也说明中美两国在扩大畜禽贸易上达成了共识。



U.S.-China Strategic and Economic Dialogue (SED) is a high-level bilateral dialogue between the United States and China with the aim of discussing a wide range of regional and global issues of immediate and long-term strategic and economic interests. Strategic issues are discussed on the “Strategic Track” of the dialogue, while for economic issues an “Economic track” exists. As the world’s largest economies, the United States and China have a mutual interest in a prosperous U.S. and Chinese economy and are aware of the impact that Strategic and Economic Dialogue between the two countries has on the global economy. At the 2016 S&ED meeting, Chinese President Xi Jinping urged the need for both countries to establish "fundamental, strategic and mutual trust," the South China Morning Post reported. "There is no reason to fear having differences, the key is not to adopt a confrontational attitude towards any differences," Xi said.

The S&ED was announced in April 2009 in London at the G20 summit by former U.S. and Chinese presidents, Barack Obama and Hu Jintao. Since then, high-level representatives and delegations of both countries meet annually in the United States and China alternately. The Strategic and Economic Dialogue promotes trust, engagement and collaboration between the two sides. Both countries have put the S&ED as a priority for bilateral discussions and are committed to delivering long-term meaningful and sustained progress on both tracks, strategic and economic.

BT 201707 Feature story 01
Effective results were evident at all of the S&ED meetings. During the first meeting in Washington D.C., Obama said, "The relationship between the United States and China will shape the 21st century, which makes it as important as any bilateral relationship in the world. That really must underpin our partnership. That is the responsibility that together we bear." Since its establishment in 2009, progress has been made on important issues like removing economic barriers for U.S. firms in China and developing market-oriented reforms in China.

BT 201707 FEATURE STOYR 01Eighth round of U.S.-China Strategic and Economic Dialogue

The eighth round of Strategic and Economic Dialogue meeting between the two countries took place in Beijing on June 6th-7th, 2016. That year’s meeting was the last under Barack Obama’s administration and the U.S. side focused on discussions with a higher success rate for mutual agreement instead of sensitive political topics. "The S&ED is a place where the U.S. wants to go home with a long list of accomplishments to show American people what they've achieved," explained Scott Kennedy, director of the project on Chinese Business and Political Economy at The Center of Strategic and International Studies (CSIS).

hl featureBesides U.S. Treasury Secretary Jacob J. Lew and Chinese Vice-Premier Wang Yang, sixteen U.S. government agencies and senior officials of Chinese ministries and agencies also participated in the meeting. The United States discussed about key topics of interest to the American side, which include China’s exchange rate reforms, promoting removal of trade and investment discrimination, improving economic transparency and pushing reforms to replace China’s growth model based on investments and exports to one driven by domestic household consumption.

BT 201707 FEATURE STOYR 02The Economic Dialogue of the Eighth Round of S&ED

Concerning the exchange rate reform, China has committed to allow two-way flexibility of the renminbi and will continue market-oriented exchange rate reform. China has also stressed that it will avoid competitive devaluation of the exchange rate as has been committed at the G20 Summit. The exchange rate reform is of immense importance to the United States, as it will increase American exports and the presence of American firms in China. It is also necessary for China to conduct these reforms as it is a prerequisite for developing a market-oriented economy.

China has also stated that it will make efforts to rebalance the economy toward a growth model based on household consumption and private-driven investments. China is committed to adopt necessary fiscal policies to increase domestic demand.

The United States, on the other hand, has stated that it remains committed to promoting a sustainable and more balanced pattern of economic growth characterized by higher domestic investment and saving. To this end, the Administration’s Budget for FY2017 includes several initiatives to improve labour force participation rate and productivity.

Both countries also committed to clearly present and communicate economic data reports. China emphasized that it will continue to improve its quarterly GDP reporting, utilizing an accounting by expenditure approach and release the data to the public when appropriate; and make efforts to make a more inclusive monthly indicator of service sector activity that will be published in the near future.

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