China-US economic talks a "complete success"

The Third China-US Strategic Economic Dialog (SED) concluded at noon Thursday. The closed-door meeting was hailed as a "complete success," by Chinese Vice Premier Wu Yi.

The discussions yielded a number of agreements aimed at strengthening and deepening bilateral economic relations.

The main results were achieved in the areas of food safety and product quality, balanced economic growth, environmental sustainability, energy security and bilateral investment, Xinhua writes.

Among the agreements was a memorandum of understanding (MOU) on enhancing the effectiveness of environmental protection laws and regulations covering imports and exports signed by China's quality watchdog chief Li Changjiang and US Environmental Protection Agency (EPA) administrator Stephen L. Johnson.

During the discussions, China promised, among others, to allow qualified foreign-invested companies, to issue RMB denominated shares.

The US pledged to adhere to applying national treatment to Chinese banks, broker-dealers and investment advisers, according to a factsheet released after the meeting.

US Treasury Secretary Henry Paulson, said that bilateral discussions have become more fruitful over the last year, after the two leaders have gotten to know each other better.

Next year's China-US SED will take place in Washington in June.