My colleagues and I are grateful to Vice Premier Wang, Councilor Dai and all of your colleagues for welcoming us to Beijing.
Since we first convened last July in Washington, we have worked hard to build a stronger relationship. We share important interests, and we share important responsibilities.
When we approach our relationship in the spirit of mutual respect and cooperation, with determination at the highest levels to overcome differences, we have had great success ¨C from leading the global response to the financial crisis, to forging a global accord on climate in Copenhagen, to charting a common response to the challenge to international security posed by Iran.
Our common interests lie in a stronger and more resilient world economy where growth is more balanced, both within and among nations. As we reform the U.S. economy to promote savings and investment, China is reforming its growth model to promote domestic demand and consumption.
Our common interests lie in building a more stable global financial system less prone to crisis. The United States and China are working to build financial systems that channel resources efficiently to support investment and innovation critical to future economic growth. The United States Senate last week passed sweeping reforms of the financial system to provide better protection for consumers and investors and better prevention against future crises.
Our common interests lie in supporting a more open global trading system, with a fair balance of benefits and responsibilities, in which countries are able to compete on a level playing field. Our two countries have benefitted greatly from open trade and investment, and we welcome a more open China today. Innovation holds the key to a more prosperous future, and innovation flourishes best when markets are open, competition is fair, and strong protections exist for ideas and inventions.
Our common interests lie in building a stronger global framework for cooperation, in the Group of 20 and in the international financial institutions. We will continue to work to equip the global institutions with the right tools and the right governance to confront global challenges like climate change, development, and financial instability.
Together with Secretary Clinton, I welcome this opportunity to work with Vice Premier Wang and Councilor Dai to pursue our common interests and to seek solutions to these challenges. We approach these issues in a spirit of mutual respect for the traditions, values, and interests of the United States and China.
Our approach reflects the insight in the Chinese saying, ·çÓêÍ¬ÖÛ ¨C when we work together in the face of adversity, our populations and the world are better off.
I share President Hu¡¯s confidence that the S&ED will foster action on our common interests - action that creates the strong and balanced global economy in which both nations will continue to thrive.