Chinese Vice Premier Wu Yi (R) greets US Labour Secretary
Elaine Chao (C) as US Commerce Secretary Carlos Gutierrez (2nd L), US
Trade Representative Susan Schwab (L), and US Health Secretary Michael
Leavitt (2nd R) watch at the Great Hall of the People in Beijing December
14, 2006, ahead of their strategic economic dialogue. High-powered talks
between Chinese and US economic chiefs began here as part of efforts by
the US to resolve a wide range of trade disputes between the two nations.
BEIJING -- Chinese Vice Premier Wu Yi on Thursday underscored that China will
adhere to the policy of reform and opening up.
and opening up are the most distinct characteristics of contemporary China, and
an important experience for the success of China's economic and social
development," Wu told the first China-US Strategic Economic Dialogue that opened
Wu and US Treasury Secretary Henry Paulson co-chaired the dialogue as special
representatives of President Hu Jintao and President George W. Bush.
In her keynote speech entitled "China's Development Road," Wu said China will
continue to improve the socialist market economy system.
The basic economic system of keeping public ownership as the mainstay and
allowing multiple forms of ownership to develop together will be perfected, she
"We will continue with the reform and reorganization of large-scale SOEs,
encourage strategic investors to participate in the diversification of
investment makers and property, and make share-holding system the key form of
public ownership," Wu said.
A uniform, open, competitive and orderly modern market system will be put
into place, she said.
Wu vowed that China will continue to perfect the legal and policy system for
opening up and intensify IPR protection in a responsible manner and uphold the
multilateral trading system.
China will actively push forward regional trade and investment
liberalization, and promote a rough balance of international payments, she said.
Wu also pledged China will stick to the reform of the political system,
saying China will continue to develop more institutionalized and standardized
socialist democratic politics with well-defined procedures and to build a
socialist country ruled by law.
"In the next five years, China will give priority to the administrative
system reform, the transformation of government functions," Wu said.
China respects and protects human rights and values the active role of
international human rights conventions in advancing human rights, she added.
The two-day dialogue, the highest-level one among the existing China-US
dialogue and consultation mechanisms, is aimed at examining long-term strategic
issues in bilateral trade relationship.
Wu said she hoped this dialogue enable the US side to have a relatively
comprehensive and systemic perspective of China, a better knowledge of the
country, thus enhancing mutual understanding and trust.