U.S., China reach agreement on economic and military issues

Washington, May 11: The United States and China have pledged to overlook prevailing differences and deepen their cooperation on economic and military matters.

After two days of high-level talks in Washington, both countries agreed that their top military leaders would meet regularly for the “Strategic Security Dialogue,” the Washington Post reports.

America’s Treasury Secretary Timothy F. Geithner and Chinese Vice Premier Wang Qishan also released a blueprint, describing how to improve the strained economic relation between the two nations.

The paper quoted Geithner as saying that the “framework of comprehensive economic cooperation” was based on a “healthy recognition” by Chinese officials that they need to open more aspects of their economy to outside investment if they want to sustain the high rates of growth needed to continue improving living standards for their 1.4 billion people.

In 2010, both the sides had experienced disputes over China’s management of its currency and policies, but the latest talks took shape after Chinese President Hu Jintao visited the United States in January 2011.

China had cut off its ties with Washington in January 2010 after the Obama administration announced a 6.4 billion dollars arms package for Taiwan, and also rejected a planned trip by Defense Secretary Robert M. Gates last June.

Meanwhile, US Secretary of State Hillary Clinton has said the meeting covered a “dizzying” set of issues, and “we have built trust.” (ANI)