A Broad Dialogue With China
My highest priority as Treasury secretary is the long-term strength and competitiveness of the U.S. economy. Managing our economic relationship with China to ensure both nations benefit is vital to our nation's future prosperity. A market-based economy in China, with sustainable economic growth and full participation in rules-based international trade, is in our best interest -- and in the interest of the Chinese people.</br></br>Since 1980 China's share of the world economy has more than quadrupled. The United States and China now account for almost half of global economic growth. And bilateral trade between our two nations grew by a factor of five over the past decade. Beyond the numbers, the U.S.-China economic relationship epitomizes both the opportunities and challenges of globalization.</br></br>This week a delegation made up of U.S. Cabinet secretaries, agency directors and the Federal Reserve chairman, Ben Bernanke, will participate in the first meeting of our new Strategic Economic Dialogue with China.</br></br>Presidents Bush and Hu Jintao launched the dialogue in September to focus on China's successful integration into the global economy and ensure that China continues on its market-based reform path.</br></br>My colleagues and I will meet with Chinese leaders in Beijing for discussions in three areas: maintaining sustainable growth without large trade imbalances; continuing to open markets to trade, competition and investment; and improving energy security and the environment.