In the face of the profound changes in the international landscape and mounting global challenges, China and the United States have a new historic opportunity for the development of their relations. Our two countries shoulder greater responsibilities for world peace and stability, have more common interests and enjoy greater prospects for cooperation. Exchanges, cooperation and mutual benefit should be the defining features of the 21st century. Gone should be the days when countries competed at the expense of each other's interests under a zero-sum mentality, because those who preach such a competitive approach and model are bound to be the biggest losers today. China and the United States should and can set an example in achieving win-win progress and making greater joint efforts for an even better world.

We are happy to see that in the 50 days since the new U.S. administration took office, our two countries have worked together and ensured a smooth transition for our relations. The two sides have established good working relations at the top level and between various government departments. President Hu Jintao and President Obama talked by phone and reached an important agreement on advancing China-U.S. relations in the new era. Secretary Clinton paid a successful visit to China last month, which contributed in a big way to our mutual understanding and cooperation. The two countries have maintained close consultation and coordination in bilateral and multilateral areas. "A good beginning is half the battle." This good start has laid the groundwork for the further growth of China-U.S. relations.

We should now set our sights on the longer term and draw up a good blueprint for China-U.S. relations in the coming years. We should make concerted efforts and promote the sound and steady growth of our relations.

To advance China-U.S. relations in the new era, we should adopt a strategic and long-term perspective and keep relations on the right track.

During his telephone conversation with President Hu Jintao at the end of January, President Obama stated the U.S. commitment to a more positive and constructive relationship with China. Secretary Clinton said to me during her visit to China last month that U.S.-China relations are embracing a new era of positive cooperation. We welcome such statements from the U.S. side. We believe that China and the United States now have more common interests and a broader foundation for cooperation on a series of major and pressing issues facing today's world. The strategic significance and global influence of China-U.S. relations have further increased. Our relations in the new era should be broader and deeper, and we should work together in an all-round way to raise China-U.S. relations to a new and much higher level of cooperation in the 21st century on the basis of mutual respect, seeking common ground while shelving differences and cooperating for win-win results.

Mutual respect means that we should respect international law and norms governing international relations, view each other in an objective and sensible way, respect each other's choice of development path and core interests, and refrain from doing anything that may harm each other's sovereignty, security or development interests. Seeking common ground while shelving differences means that we should preserve and highlight the positive aspects of our relations. We should work hard to resolve differences and put aside those that cannot be resolved for the time being, so that they will not stand in the way of the overall development of our relations. Cooperating for win-win results means that we should expand practical cooperation and converging interests, actively respond to the opportunities as well as challenges brought by globalization, pursue common development and progress and make contributions to world peace and development.

To advance China-U.S. relations in the new era, we should maintain close dialogue and exchanges at the top and other levels and cement the political foundation of our relations.

Over the years, leaders of our two countries have maintained close communication on major issues concerning China-U.S. relations through mutual visits, meetings, telephone calls and correspondence. These exchanges have given a strong boost to the sustained, sound and steady growth of our relations. The legislatures, militaries and government departments of the two countries have also engaged in constructive exchanges and cooperation on issues of mutual interest. And the two countries have put in place diverse mechanisms for dialogue and cooperation in a wide range of areas. All these are effective ways to promote our relations and should therefore be maintained.

In two weeks' time, President Hu Jintao and President Obama will meet in London. It will be the first meeting between our heads of state since the new U.S. administration came into office. Both sides attach great importance to this meeting and are making intensive preparations for it. I am confident that with the joint efforts of the two sides, the meeting will be a great success and chart the course for the future growth of China-U.S. relations. President Hu Jintao has invited President Obama to visit China at a mutually convenient time and we look forward to his early visit.

Through consultation, the two sides have agreed in principle to establish the "China-U.S. Strategic and Economic Dialogues" mechanism and decided upon the relevant arrangements for the mechanism. We hope the two sides will work together and launch this mechanism at an early date so that through continued discussions on strategic, overarching and long-term issues of mutual interest, we will further enhance mutual trust and cooperation.

To advance China-U.S. relations in the new era, we should expand mutually beneficial cooperation and give fresh impetus to our relations.

The priority for China and the United States at the moment is to tackle the international financial crisis through intensified cooperation and work together to maintain and promote world financial and economic stability. Let me in this connection say a few words about what China will do to counter the financial crisis this year. The Chinese Government will focus on the implementation of a 4 trillion yuan investment program ($571.4 billion), including 1.18 trillion yuan ($168.6 billion) that will come from the central budget. This program will kick-start growth by boosting domestic demand, reinvigorating industries, developing science and technology and improving the social safety net. Some of these measures have already produced initial results, as evidenced by recent signs of economic recovery. We will issue more than 5 trillion yuan ($714.3 billion) in new loans to help enhance financial regulation and support economic growth with adequate money and credit supply. We are confident that we will maintain steady and relatively fast economic growth this year.