SED V Leaves Solid Platform for Obama Administration

WASHINGTON, DC, December 5, 2008 - The conclusion of the fifth meeting of the Strategic Economic Dialogue (SED V) in Beijing today leaves a solid platform for the Obama administration to build upon in its economic and commercial engagement with China, US-China Business Council President John Frisbie said today.

"Part of Secretary Paulson's legacy will be the creation of a high-level, forward-looking dialogue between the United States and what will soon be the world's second-largest economy, China. The past few months have reminded us that our economies are greatly interdependent, and success for each of us in the years ahead will require more engagement and cooperation, not less," Frisbie said.

"This was the fifth high-level meeting, and the lesson we can draw is that progress comes through a patient process of building one success upon another. Through this approach, the future holds great hope of continued advancement on issues important to US interests."

The SED discussions yesterday and today at China's Diaoyutai State Guest House produced progress on energy and environmental topics, global economic and financial cooperation, consumer safety, bilateral investment issues, and other areas.

"The Ten-Year Energy and Environment Cooperation Framework in particular puts in place a structure that the new US administration can quickly utilize for its environmental engagement with China," Frisbie said.

China is the third-largest export market for US products and services, and US exports to China are growing far faster than US exports to other major trading partners. US exports to China were up 17 percent through September of this year.

"China remains a source of growth for our manufacturers at a time when we face economic challenges on many other fronts," said Frisbie. "We need to continue to develop these opportunities for our companies and workers, while at the same time we engage with China to remove trade barriers and integrate Beijing into the rules-based international economy. The SED can help do just that, and the US-China Business Council encourages the Obama administration to build upon its success."

The USCBC (www.uschina.org) is the leading organization of US companies engaged in business with the People's Republic of China. Founded in 1973, the USCBC provides extensive China-focused information, advisory, and advocacy services, along with events, to roughly 250 US corporations operating within the United States and throughout Asia.