US promises to accelerate recognition of China's market economy status

The US promised to recognize China's market economy status as soon as possible when the first round of China-US Strategic Economic Dialogue (S&ED) concluded on July 28 in Washington.

The US recognized the "continued progress" China has made in its pursuit of market reforms and will "earnestly" consider its concerns, and work toward its market economy status being acknowledged in an "expeditious" way, US officials said.

During the two-day dilogue, officials from China and the US held face-to-face plenary session addressing many strategic economic issues, and agreed to strengthen cooperations in building the financial system to ensure the financial stability in the world.

The US also promised to relax its restriction on hi-tech exports to China.

Both sides believed the S&ED has paved the road for President Obama’s visit to China later this year.

The second round of the S&ED will be held next year in Beijing.
 

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