By Wang Jiangang, Zhao Yi

The first round of the China-US Strategic and Economic Dialogue (S&ED) ended in Washington Tuesday, with the two countries pledging to intensify ties and expand cooperation on major international issues and shared challenges.

Both countries have also vowed to work jointly to boost their economies and the world economy amid the current recession.

Political analysts said it is the new and practical approach taken by both China and the United States that has rendered the dialogue a success.

Mood of cooperation

Many have noticed that this major contact between the two economic giants has been conducted with a mood and sense of cooperation, as both sides understood that only by cooperating with each other can some thorny issues be properly solved.

Chinese President Hu Jintao and his US counterpart Barack Obama have already set the tone for the high-level meeting, which aimed to find solutions to such pressing issues as financial crisis, regional and global security problems, environmental deterioration and sustainable development for human beings.

In his congratulatory message to the dialogue, President Hu said: "China and the United States bear responsibility for important issues which relate to the peace and development of humankind, and share broad common interests and extensive room for cooperation."

Obama echoed Hu's view, saying that "My confidence is rooted in the fact that the United States and China share mutual interests. If we advance those interests through cooperation, our people will benefit and the world will be better off -- because our ability to partner with each other is a prerequisite for progress on many of the most pressing global challenges."

In his closing statement on Tuesday, US Secretary of the Treasury Timothy Geithner said, "Recognizing that cooperation between China and the United States will remain vital not only to the well being of our two nations but also the health of the global economy, we agreed to undertake policies to bring about sustainable, balanced global growth once economic recovery is firmly in place. "

This kind of cooperative mood pervaded the whole process of the two-day dialogue, which ensured a friendly exchange of ideas and views between the two sides.

Caring for each other's concerns

China and the United States share many common concerns, as they also have their respective concerns and differences. However, the two sides seldom blamed each other while expressing their own concerns.

During the dialogue on climate change, contrary to some speculations that the two sides would have arguments and disputes, they agreed to carry out positive actions according to their respective responsibilities and capabilities after both sides recognized each other's significant differences in national circumstances, stage of development, historical responsibilities and capabilities, according to Vice-Minister of China's National Development and Reform Commission Xie Zhenhua.

Insiders said China had voiced its concern that massive US stimulus spending might spark inflation that would erode the value of the dollar and China's holdings of US government debt, while expressing understanding for the US need to pull its economy out of the mire.

In their respective constructive gestures, China agreed to further fuel its domestic consumption to reduce its reliance on exports to US markets, while Geithner pledged that the United States would toughen its financial regulations to avoid a Wall Street meltdown.