Chinese Vice Premier Wu Yi and U.S. Treasury Secretary Paulson on May 23 concluded a key economic dialogue with a wide variety of specific agreements. The agreements will strengthen both countries' economy and will open opportunities for business, travel, tourism and cultural exchange.

In remarks prepared for the concluding of U.S.-China Strategic Economic Dialogue, Chinese Vice Premier Wu Yi said the two countries reached much consensus and realized positive results.

"With the great attention and joint efforts from both sides, the second meeting of the strategic dialogue achieved great success," said Wu, also as the special envoy of Chinese President Hu Jintao.

"China-U.S. economic and trade relationship is one of the most complicated in today's world," she said. "The SED provided an excellent ground and opportunity for both sides to enhance the mutual understanding and increased the mutual trust in the strategic issues."

Paulson, who co-chaired the Strategic Economic Dialogue with Wu as special envoy of President George W. Bush, also noted two countries reached a wide variety of agreements during the dialogue.

"We agree that it is vital to the prosperity of both our nations, that China rebalance its economic growth, encourage consumption and spread development more broadly among its people," he said.

Both countries also agreed that "strengthening and deepening our two-way trading relationship will create jobs and give our citizens a wider variety of choices and lower prices on goods," headed.

"We have built strong relationships since our inaugural meeting in Beijing," said the Treasure chief, referring to the first meeting of the Strategic Economic Dialogue in December, 2006. He emphasized that the relationships between the two countries will "continue to grow stronger and produce on-going returns."

In an aviation agreement reached on Wednesday, daily passenger flights from the U.S. to China will double by 2012, and air cargo companies will have virtually unlimited access to Chinese market by 2011.

The two countries also agreed to work together as part of the WTO Doha negotiations to discuss reducing or eliminating tariff and non- tariff barriers to environmental goods and services.

Moreover, the two countries will provide policy incentives to promote the full commercialization of advanced coal technologies and will advance commercial use of carbon capture and storage technologies.

On the front of the tourism industry, the two countries agreed to launch negotiations to facilitate Chinese group leisure travel to the U.S.

Promoting Growth in the Tourism Industry: The United States and China signed a declaration of intent to launch negotiations to facilitate Chinese group leisure travel to the United States. The Chinese travel market is expected to grow to 100 million travelers within the next 15 years according to the United Nations World Travel Organization. Allowing tourism companies to arrange trips for Chinese travelers to the United States is a significant step, given that one in seven jobs in the United States is related to the tourism industry.

"Allowing tourism companies to arrange trips for Chinese travelers to the United States is a significant step, given that one in seven jobs in the United States is related to the tourism industry," said the U.S. delegation in a statement.