Chinese Premier Wen Jiabao on Thursday described the just-concluded Sino-U.S. Strategic Economic Dialogue (SED) as "fruitful".

Wen made the remarks in a meeting with U.S. Treasury Secretary Henry Paulson in the Great Hall of the People in Beijing.

Wen attributed the success of SED to the consensus on the product safety issue, which was the top concern of the two peoples, and to the fact that both countries reached accord on bilateral cooperation in energy, environmental protection and other areas that meet the long-term and fundamental interests of the two peoples.

"This has demonstrated that our strategic dialogue is fruitful," he said.

Wen said he expected to discuss with Paulson strategic issues, including how to solve bilateral trade disputes, strengthen long-range trade cooperation and face up to the opportunities and challenges of the international situation through strategic dialogue.

China attached importance to the trade imbalance with the United States, Wen said, adding it had taken a series of positive measures to reduce the trade surplus.

"We also hope the U.S. side will attach importance to our concerns, formulate open policies of trade and investment, lift limitations on China's exports and provide a fair environment for Chinese companies to invest in the United States," the premier said.

Concerning the divergencies and frictions in China-U.S. trade, Wen called on both sides to eye on general situation from a long-term perspective, and properly settle disputes through dialogue and consultation and according to economic law.

China will stick to its reform and opening-up, and continue to adjust economic structure and transform development mode, which would offer more opportunities for countries including the United States to carry out economic cooperation with China, Wen said.

The premier urged the two countries to make best use of the SED mechanism, continue to enhance strategic trust and make joint efforts to push forward mutual-beneficial bilateral trade.

Paulson said the SED with China had been "instructive". It helped to enhance understanding and build trust, which was very important to settle "sensitive" and "complicated" issues between the two countries.

The United States is to work closely with China to build long-term stable trade ties, he added.

An economically developed China was in the interests of the United States, Paulson said, adding his country could see no advantage without China's economic growth.

Premier Wen believed the interests of the two countries are even more intertwined and interdependent against the backdrop of economic globalization. The smooth development of China-U.S. trade relations not only benefits the two peoples but also contributes to global economic development, he said.

He called on both countries to beef up mutual-beneficial cooperation and promote the balanced and beneficial development of economic globalization.

Later on Thursday, Chinese President Hu Jintao also met with Paulson and his delegation. Paulson told Hu that "we are building trust" between the two countries.

"There is comfort between our communication, which makes it easier to deal with our conflicts and difficulties," Paulson said.

Earlier on Thursday, Paulson told reporters the SED with China had been "instructive and constructive."

During the dialogue, China and the United States agreed to conduct extensive cooperation over a 10-year period to focus on technological innovation, adoption of clean technology and sustainable natural resources.

Thirty-one agreements were reached in financial services, food safety and product quality, environment and energy, transparency, investment, China's market economy status, balanced growth and innovation.

Among the deals, China promised to allow qualified foreign-invested companies, including banks, to issue RMB denominated stocks, qualified listed companies to issue RMB denominated corporate bonds, and qualified incorporated foreign banks to issue RMB denominated financial bonds.

Chinese Vice-Premier Wu Yi and Paulson co-chaired the dialogue as special representatives of the two heads of state.

They agreed to convene the fourth SED in Washington in June next year.

(Xinhua News Agency December 14, 2007)