High-level talks aimed at long term gains
A senior US envoy for China has lowered expectations of 'deliverables' from the upcoming economic summit between Washington and Beijing and urges critics to focus on the long-term developments rather than the short-term gains.
'It is very important to recognise that the Strategic Economic Dialogue is not a specific event but a management tool to keep our economic relationship on an even keel during times of tension,' said Alan Holmer, the US Treasury's special envoy on China.
Mr Holmer made his comments on Friday on the eve of the Strategic Economic Dialogue meetings to be held in Washington on Tuesday and Wednesday.
Vice-Premier Wu Yi will lead a high-powered team of Chinese officials representing 21 ministries to meet their American counterparts, headed by US Treasury Secretary Henry Paulson. The delegation is also expected to meet US President George W. Bush, as well as American lawmakers.
The summit, which is the follow up of a December meeting held in Beijing, comes amid growing economic tensions between China and the United States. The US government reported that its trade deficit with China reached a record high of US$232.5 billion last year. As a result, the Bush administration is facing mounting political pressure from the Democrat-controlled Congress to take action against Beijing.
On Thursday, a bipartisan group of 42 Congress members filed a petition asking the administration to bring a trade case against China on the grounds the country is unfairly keeping its currency low to gain trade advantages.
