In front of a backdrop of Chinese and American flags, the Sino-US Strategic Economic Dialogue will get under way here in Beijing, with all eyes on how the two major economies will face the global financial crisis together, as Washington prepares for a handover of power to the Obama administration next month.

Initiated by President Hu Jintao and his US counterpart George W. Bush in 2006, the semi-annual dialogue has become a major channel for policymakers in the two countries to maintain frequent contact and enhance mutual trust.

The two sides have reached agreement in almost 150 areas during previous sessions, covering issues such as macro-economic policy, environmental protection and energy efficiency, according to the Chinese Assistant Minister of Finance Zhu Guangyao.

Sun Zhe, director of the Center for Sino-US Relations at Tsinghua University, says the incoming Obama administration may want to put concerns over the yuan exchange rate high on the agenda to calm some critics in the US democratic party.
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Chrysler, Ford and General Motors have all submitted their proposals to the US Congress for multi-billion dollar loans, which their survival could depend on.

The so-called Detroit Three of troubled US carmakers have asked for a combined total of $34 billion.

The chief executives of Ford and GM have even offered to work for one dollar a year if Congress approves the emergency aid.Ford sold 31% fewer light vehicles in November compared with the same month last year.

GM suffered a 41% drop in sales for the month, while Chrysler fared worse still, with sales plummeting 47%. 

General Motors has also pledged to reduce chief executive Rick Wagoner's annual salary to just $1.
Ford boss Alan Mullaly made a similar pledge, but only if it needs to call on the emergency loan.

Ford also said it would sell its five corporate jets as part of its cost-cutting plan, and proposed other measures including selling some businesses, such as Swedish carmaker Volvo. But it's not just American car manufacturers that are feeling the pinch - Honda's year-on-year US sales fell by 32% in November, while Toyota's fell by 34%.

The heads of all three US car giants decided not to use private jets to travel to Washington for their presentations to avoid public criticism.

Instead, two of them have driven there in vehicles manufactured by their own companies, while Chrysler boss Bob Nardelli said he would not use a corporate jet.
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But while private jets are being shunned by US car CEOs, a new one has just come onto the market which promises big jet safety at a mid-sized jet price.

The Hawker 4000 costs $21 million. But that's $2 million cheaper than a Gulfstream G200 and $7 million less than a Falcon DX, and it has a range of 3,280 nautical miles – which means it can go from New York to London nonstop.

It's made of composite materials which makes it 70% stronger than aluminum, so it doesn't corrode, is easier to repair, and has no life limit.

And in case you are lucky enough to be invited onboard one of the new jets, here is China Drive's guide to Private jet etiquette.

? Always ask in advance how much luggage you may bring.
? Don't take your seat until after the owners find theirs.
? Never tip the staff.
? Never bring your own meal.
? Skip the red wine in case you spill it, and stain the carpet.