NEW BEGINNING: Chinese Vice Premier Wang Qishan and visiting U.S. Treasury Secretary Timothy Geithner greet each other before their talks in Beijing on June 1

U.S. Treasury Secretary Timothy Geithner's China trip from May 31 to June 2 sent a clear message that the two countries plan to establish stronger ties not only in the economic field, but also in other areas where they have common interests.

Observers pointed out that the top task for Geithner was to lay the groundwork for the upcoming first round of the Sino-U.S. Strategic and Economic Dialogue.

"Geithner reached the goal of his China visit, which was exchanging views between the two sides and removing obstacles before the dialogue is held," said Shen Shishun, Director of the Department for Asia-Pacific Security and Cooperation at the China Institute of International Studies (CIIS). Shen said that under the current circumstances of financial crisis and economic recession, strengthening ties is of common interest to both sides.

During his three-day visit, Geithner not only exchanged views with China's top economic team, including Vice Premier Wang Qishan and the chiefs of finance, commerce, banking and securities, but also met with Chinese President Hu Jintao and Premier Wen Jiabao. Hu said that the Strategic and Economic Dialogue should serve as an important platform for China and the United States to deepen understanding, mutual trust and cooperation. "As influential nations in the world, China and the United States share extensive common interests and shoulder important responsibilities in tackling global economic challenges and resolving hot-button world issues," Hu said.

The two sides agreed that the first round of dialogue would open during the last week of July in Washington. According to the schedule, the strategic dialogue will be co-chaired by Chinese State Councilor Dai Bingguo and U.S. Secretary of State Hillary Clinton, while Wang and Geithner will chair the economic track as special representatives of their respective presidents.

As the global financial crisis influences the world, China and the United States are discovering they share more and more common interests. "Although many observers don't agree with the new concept of a "G2" of China and the United States, they cannot deny that their bilateral cooperation is so important that it can influence the world," Shen told Beijing Review. The United States has also realized that China's growing economic strength is having a greater impact on the U.S. and world economies. In a speech at Peking University, Geithner said that his meetings with Chinese officials offered a chance "to discuss the risks and challenges on the economic front, to examine some of the longer-term challenges we both face in laying the foundation for a more balanced and sustainable recovery, and to explore our common interest in international financial reform." He expressed support for enlarging China's role in the international system, saying, "A greater role for China is necessary for China, for the effectiveness of international financial institutions and for the world economy."