The first round of the China-U.S. Strategic and Economic Dialogue was concluded on Tuesday as four government representatives from both countries hailed its results in their closing statements.

Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo joined their U.S. counterparts, Secretary of State Hillary Rodham Clinton and Secretary of Treasury Timothy Geithner, in a ceremony at the Eisenhower Executive Office Building, briefing reporters on the results of the "Economic Track" and "Strategic Track" of dialogue, which is the first of its kind between the world's biggest developing country and biggest developed country.

The dialogue was "unprecedented" in the history of the U.S.-China relations, and has laid foundation for the bilateral comprehensive relations in the 21st century meeting some biggest challenges, said Clinton, who co-chaired the Strategic Track with Dai.

For his part, Dai told reporters that the dialogue was successful and fruitful, in which both sides have discussed many issues in a transparent and candid way.

On the Economic Track, Wang said that both sides have discussed many strategic economic issues, and agreed to strengthen cooperation in building on the financial system to ensure the financial stability, among others.

"The success of the Economic Dialogue has left fresh impetus to the development of the positive, cooperative and comprehensive China-U.S. relationship for the 21st century," Wang said.

During the two-day dialogue, officials from China and the U.S. held face-to-face plenary session addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic and economic interests.

"Recognizing that cooperation between China and the United States will remain vital not only to the well being of our two nations but also the health of the global economy, we agreed to undertake policies to bring about sustainable, balanced global growth once economic recovery is firmly in place," said Geithner.

The dialogue mechanism was upgraded from former Strategic Dialogue and biennial Strategic Economic Dialogue, which were initiated by the two heads of state in 2005 and 2006, respectively.

On April 1, 2009, Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to establish the mechanism of China-U.S. Strategic and Economic Dialogue during their first meeting in London on the sidelines of the G20 financial summit.

(Xinhua News Agency July 28, 2009)