Highlighting the twice-yearly economic dialogue in Beijing, experts believe the latest session will play a positive role in enhancing bilateral trade, energy cooperation and curbing protectionism. CRI Reporter Chen Xi has the details.

Reporter:
The fifth strategic economic dialogue or SED between China and the United States has begun in Beijing amid the deepening global financial crisis and transition in the US government.

The two-day meeting is co-chaired by Chinese Vice-Premier Wang Qishan, a key economic policy-maker, and US Treasury Secretary Henry Paulson, who is heading a Cabinet-level delegation.

Zhang Guoqing is a senior researcher with the Chinese Academy of Social Sciences for China-US Relations Studies, a government think-tank. He says the new round of SED is of great significance bearing in mind the bleak economic situation worldwide.

"This talk is a crucial chance for China and the US, as the two countries can figure out the potential means to reverse the economic downturn under current circumstances. In addition, it also represents the new US government's policies towards China. I hope the SED mechanism will continue in Obama's administration."

Shen Dingli, director of the Center of American Studies at Fudan University based in Shanghai, also highlighted the significance of the meeting.

"The most important signals sent from this SED is that China and the United States have the will to convene and make a political promise that they will handle the issue with coordinated efforts."

According to the meeting's agenda, the two sides will discuss an array of strategic issues that hold long-term implications to both economies.

Researcher Zhang Guoqing stresses the two countries should further cooperation in the energy and environment sectors after a framework was set up in the fourth session in Washington earlier this year.

"We have a huge capacity in this aspect. China needs many new technologies in terms of energy consumption and environmental protection. Meanwhile, the US also requires new economic momentum. The two countries could benefit from a win-win situation by reaching an agreement this time."

In fighting global economic downturn, Zhang Guoqing suggests the two sides should join hands to work against trade protectionism.

Under the current circumstance of global financial uncertainty, trade protectionism is not appropriate. What we exactly need now is the overall and joint cooperation amongst all the nations.

Chen Xi, CRI News