China and the United States started their fifth strategic economic dialogue (SED) in Beijing amid the deepening global financial crisis and transition in the US government.

The 5th round of China-US strategic economic dialogue kicks off in Beijing on Thursday morning. The two-day talks were co-chaired by Chinese Vice Premier Wang Qishan and US Treasury Secretary Henry Paulson.

Chinese Vice Premier Wang Qishan and the US Treasury Secretary Henry Paulson co-chaired the dialogue on Thursday morning as special representatives of President Hu Jintao and President George W. Bush.

"The most pressing issue we have to deal with is coping with global financial turmoil," Wang said before going behind closed doors.

"It is imperative for us to work together to implement the consensus reached at the G20 summit," Wang said, referring to a financial meeting of leaders from the 20 richest countries and emerging economic markets in Washington D.C. in mid November.

"Our meeting this week will focus on the building blocks for enduring the US-China economic partnership," Paulson said in his opening address.

"We will continue to work on strategies for managing macroeconomic risks and promoting balanced growth, on open investment and trade policies, including strengthening products, food and drug safety, on our respected roles in international institutions and to strengthen cooperation in energy and the environment."

"For the first time during the SED, the United States and China will focus on how we work together through international forums to strengthen the global economic system," said Paulson. This is his final round of SED talks with China.

Initiated by the two presidents in 2006, the twice-yearly SED is the highest-level of dialogue between the two nations.

(Xinhua News Agency December 4, 2008)