China Entreats
U.S. to Broaden
Its Understanding
By MICHAEL M. PHILLIPS and ANDREW BATSON in Beijing and GREG IP in Washington
December 15, 2006; Page A2
http://online.wsj.com/article/SB116608456867750061.html?mod=home_whats_news_asia
From the first moment of this week's top-level economic talks in Beijing between the U.S. and China, the hosts made clear what they believe to be the root of bilateral tensions: Americans simply don't understand China.
At the same time, Fed Chairman Ben Bernanke went further than most U.S. officials have to date in arguing that China's currency is undervalued and ought to rise. He said the fixed exchange rate is fueling speculative inflows and distorting investment, and could eventually weaken the banking system.
Commerce Secretary Carlos Gutierrez provides insight into the first day of economic dialogues between the U.S. and China, including some candid comments from Chinese Vice Premier Wu Yi.
In the Great Hall of the People, under a painting of Chairman Mao Zedong and other revolutionary heroes, Chinese Vice Premier Wu Yi gave Treasury Secretary Henry Paulson and his delegation a history lesson about her country's struggles with poverty and foreign interference. American misconceptions about the Asian country aren't "conducive" to good relations, she said as she opened two days of talks yesterday, according to the written text of the speech.
"Throughout all these years' interactions with all quarters of the U.S., the government and the public, we have had the genuine feeling that some American friends are not only having limited knowledge -- but [also] harboring much misunderstanding -- about the reality in China," said Ms. Wu, who is considered an advocate of economic change.
Ms. Wu reiterated longstanding Chinese complaints that foreign critics fail to grasp the extent of her country's economic and social challenges, from poverty to the waves of rural residents pouring into cities. She and other Chinese officials also have said foreigners misread Beijing's efforts to address those problems through economic development as a threat to its trading partners. Chinese officials argue they have done more to address foreign complaints than critics acknowledge, but that ultimately China must move at its own pace to avoid triggering social unrest.
The American delegation came to Beijing hoping to create a mood of mutual trust that would spur progress on a host of issues, from piracy of U.S. computer software to market access for U.S. financial-services companies to China's alleged practice of pegging its currency -- known as the yuan -- at an artificially low level to the dollar. The American delegation senses that U.S. lawmakers, worried by the trade deficit and the loss of manufacturing jobs, are ready to blame China and are flirting with protectionist legislation.
"It is in everyone's interest that China's growth continues and in doing so that it strengthens the world economy," Mr. Paulson told the Chinese in the closed-door session, according to a copy of the speech. "This dialogue can help us work together to do just that while reducing tensions along the way."
Mr. Paulson has described this round of talks as the start of two years of strategic dialogue aimed at creating a climate in which thorny trade, financial, energy and other issues can eventually be resolved. He has gone to great lengths to reduce expectations that this week's meetings would produce instant changes in Chinese policies.
Tensions over the currency issue are particularly sharp, with American manufacturers charging that the weak yuan gives Chinese companies an unfair edge over their American competitors.
U.S. officials have generally called for a more flexible Chinese currency and an eventual float, without specifying they also want it to rise -- although they expect it to. "We believe that China should move toward [a floating exchange rate] over the next several years," Mr. Paulson said yesterday. "And, of course, you understand our strong view that in the meantime, more currency flexibility is necessary."
But in a speech scheduled to be delivered today to the Chinese Academy of Social Sciences in Beijing, Mr. Bernanke went further, saying the yuan is widely considered undervalued and has become more so as the dollar falls against other currencies, taking the yuan with it. "An undervalued currency" is "an effective subsidy" to export-oriented Chinese companies, he said. "If China invests too heavily in export industries whose economic viability depends on undervaluation of the exchange rate, a future appreciation of the [yuan] could lead to excess capacity in those industries, resulting in low returns and an increase in nonperforming loans."
Letting the currency rise would direct more production toward meeting the demands of Chinese consumers, he said, and reduce China's trade surplus.
To keep the yuan down, China's central bank sells newly printed yuan in the foreign exchange market in return for dollars. Since an increased supply of yuan would fuel inflation, the central bank sops up the extra currency by issuing special "sterilization" bonds. These bonds, Mr. Bernanke said, crowd out other assets, "interfering with the growth and development of private financial markets."
Moreover, speculation the yuan must eventually rise fuels demand for the currency by investors, forcing the central bank to issue more sterilization bonds. Eliminating controls over such inflows would be good for growth, but doing so without delinking the yuan, he warned, would "trigger large capital inflows" and "almost entirely eliminate the [central bank's ability] to stabilize the domestic economy."
Mr. Bernanke's advice is based on basic economics, and he has said some of it before, though in less detail. By delivering it while part of Mr. Paulson's delegation, he may create perceptions of coordination between the independent Fed and the administration's policy.
Ms. Wu repeated earlier statements that China seeks a "rough balance" between imports and exports, rather than its large trade surplus, and Beijing intends to move toward a system that would let markets set the yuan's value. The yuan has gained almost 5.9% against the dollar since the Chinese initially allowed it to move against the dollar in July 2005.
The size of the gathering had a slightly stifling effect on what Mr. Paulson hoped would be a free-flowing conversation about the long-term economic issues both countries face. In the cavernous Golden Hall, 14 senior Chinese officials, backed by 72 aides, faced off with 13 senior U.S. representatives, with 48 aides of their own. Participants who wanted to speak had to place their name cards on end as a signal; their names were then entered into a queue posted on a video screen. A senior U.S. official described discussions as "honest and frank."
Ms. Wu opened the event with a presentation that included a map of China's ancient trading routes, accompanying a speech that ranged from the Silk Road and the Opium War to farm policy and taxation. She characterized the main purpose of the talks as educating U.S. officials. "Our particular hope is to let people in the world know that China's development is an opportunity instead of a threat," she said, emphasizing that China is committed to trade and economic liberalization.
That language was intended to reassure her audience. U.S. officials have publicly worried China may slow down the pace of overhaul now that it has largely completed the market-opening commitments it made upon joining the World Trade Organization in 2001.
At yesterday's meetings, U.S. Trade Representative Susan Schwab accused the Chinese of backsliding on liberalization, according to one person present, and several U.S. officials urged the Chinese to accelerate overhauls. "We've got to move as quickly as possible, and whatever we're doing today, we've got to do it quicker," Commerce Secretary Carlos Gutierrez told reporters.
Ms. Wu emphasized the challenge of promoting equitable growth in a country where 150 million people -- more than 10% of the population -- live on less than a dollar a day and where 300 million people are expected to migrate from the fields to the cities over the next 20 years.
U.S. officials took the Chinese lecture in stride. "The reason we are having this dialogue is to improve the understanding between our two countries," one U.S. official said.
Write to Michael M. Phillips at michael.phillips@wsj.com, Andrew Batson at andrew.batson@wsj.com and Greg Ip at greg.ip@wsj.com
---------------------------------------
中美高官对话充满火药味 铁娘子果断回击
万维读者网 2006-12-15 16:35:59
http://news.creaders.net/headline/newsViewer.php?id=695940&dcid=1
万维读者网记者高歌综合报道，昨日在北京人民大会堂举行的中美首轮战略经济对话，一开始就充满火药味。美方首席代表保尔森敦促中方在人民币汇率、开放市场、打击盗版等方面作出实质让步，否则将面临美国贸易报复。中方主帅吴仪则反指美国人对中国「知之不多，而且误解不少」，美方趁此次对话加深对中国的认识。
据太阳报报道，中美双方均派出重量阵营参与对话，美方由财政部长保尔森带队，差不多半数内阁成员出席，包括联储局长伯南克、商务部长古铁雷斯、劳工部长赵小兰、生与公众服务部长莱维特、能源部长博德曼、贸易代表施瓦布、环境保护署署长约翰逊等；中方由副总理吴仪领军，成员有财政部长金人庆、发改委主任马凯、科技部长徐冠华、商务部长薄熙来、央行行长周小川等十二名部级高官。
在开幕式上，保尔森表明，美方希望中方进一步开放市场，增加市场透明度，促进贸易、竞争与投资。美方亦要求中国在短期内扩大人民币汇率浮动区间，中长期实现自由兑换，还敦促中国打击盗版，保护知识产权。保尔森特别提到，美国政府受到国会强大压力，美方期望在谈判中取得实质性进展。
对美方咄咄逼人，吴仪还以一个软钉子，她在开场白中说，中国已是一个开放的市场，「我们确实感到一些美国朋友对中国现实知之不多，而且充满误解」，这「对中美双边关不具建设性」。法新社认为，吴仪一开始表明中国「没有兴趣听美国人讲课（China was not in the mood to be lectured）」。今天出版的《华尔街日报》今天发表“贸易谈判考验中国铁娘子”的专题报道，称“铁娘子”吴仪领衔对美谈判，她是一位强硬谈判家。
文章开篇这样描述：无论是什么样的问题──致命性病毒也罢、盗版DVD蔓延也罢，或者是管子工短缺也好──只要出了问题，中国领导人和外国商人经常都会找到一个中国人，她就是吴仪。这位六十八岁的副总理是中国职位最高的女性领导人，外界公认她是中国政府里最有办事能力的人之一。报道引述公共关系企业安可顾问有限公司亚洲区负责人、曾与吴仪交往多年的孟克文(Chris Murck)的评价说，在中国，她在党内和政府内部都有很高的威信。她是一位极其坦率的国家利益的维护者。吴仪在男性为主的体制里之所以能脱颖而出，并不是因为其性别优势，而是依靠其在严重分歧的局面下促成各方达成协议的能力。鉴于她的这种能力以及她一向坚持认为对外商开放投资和贸易有利于中国的立场，本周的谈判有望取得某些实质成果。不过文章也认为，吴仪是一位技术型的官员，她虽然是目前主管中国经贸的最高官员，但她的权力也不是无限的。
在与西方人打交道时，吴仪的果断作风和国际化视野对她有很大帮助。她甚至让一些对中国持批评意见的人士也心悦诚服，比如美国参议员林赛-格雷厄姆 (Lindsey Graham)和查尔斯-舒默(Charles Schumer)。这两位人士曾在国会提出，如中国仍不调整汇率政策，将对中国采取惩罚性措施，对中国输美商品征收关税。今年三月，在国会就他们的提案进行相关投票的前夜，他们两人在北京会晤了吴仪，结果双方的谈话超出了预定的时间。格雷厄姆后来发自内心地说：这位副总理很风趣。她非常直率。她如果在美国当律师会很出色的。我非常欣赏她。
报道说。吴仪她是在一九九一年调到外经贸部工作后才开始真正为更多人所知的。当时她负责处理美国人怨声载道的盗版和侵权问题。她的专业水平给美方人员留下了深刻印象，而她回应外方威胁的能力也让她的中国同事大为赞叹。对外经济贸易大学教授卢进勇说，她坚定捍卫国家利益，从不妥协，但在处理具体细节问题上又表现得很灵活。这篇文章盛赞吴仪在推动中国加入世贸、中国爆发非典型肺炎后临危受命以及目前分管艾滋病等方面工作中的出色表现。
文章说：吴仪似乎对她在人们心目中的“铁娘子”形象非常清楚，但她也是中国政界要人中颇能表现出幽默感的人。今年四月，在赴美签署采购订单(以缓和两国贸易紧张气氛)的行程中，她在华盛顿对满屋子的媒体记者自我介绍时说：主席台上男士的数量超过了女士。她接着面无表情地说：所以很显然，我现在处在弱势地位。有助手翻译了她的话，房间里一片沉默。忽然她用英语说：开个玩笑而已。在场记者中间忍不住爆发出一阵笑声。
今天，吴仪将再次面对她遇到的最棘手的问题之一：与美国这个中国最大的出口市场目前经贸关系吃紧。吴仪领衔此次与美国财长保尔森率领的美国代表团的一系列对话，这会谈是美、中两国为改善在贸易、金融、能源等领域的关系而启动的新一轮战略对话的开篇。针对美国国内漫的中国经济威胁论，吴仪表示：中国的发展不会「挑战」既有的国际秩序，中国希望用「改革」的办法完善国际经济秩序。吴仪这句话可圈可点，意味深长，表明中国面对美国这个当今世界唯一超强时的底牌：我不想「挑战」你，但你无法阻止我在参与过程中[改变」既有的游戏规则。
吴仪昨日的一番「不挑战，但改革」言论，正式阐明中方的立场：中国主张和为贵，即使中国哪一天强大了，也不会挑战美国的霸权；但是，中国崛起已是一个不争的事实，中国希望得到美国的尊重，尤其希望美国在其垄断的全球资源、先进科技等方面向中国开放，让中国分享利益。於中美经济的巨大规模和影响力，中美战略对话的意义超出了双边的畴，将对全球经济的发展、稳定和安全产生深远的影响，在某种程度上，将重划国际经济版图。
U.S. to Broaden
Its Understanding
By MICHAEL M. PHILLIPS and ANDREW BATSON in Beijing and GREG IP in Washington
December 15, 2006; Page A2
http://online.wsj.com/article/SB116608456867750061.html?mod=home_whats_news_asia
From the first moment of this week's top-level economic talks in Beijing between the U.S. and China, the hosts made clear what they believe to be the root of bilateral tensions: Americans simply don't understand China.
At the same time, Fed Chairman Ben Bernanke went further than most U.S. officials have to date in arguing that China's currency is undervalued and ought to rise. He said the fixed exchange rate is fueling speculative inflows and distorting investment, and could eventually weaken the banking system.
Commerce Secretary Carlos Gutierrez provides insight into the first day of economic dialogues between the U.S. and China, including some candid comments from Chinese Vice Premier Wu Yi.
In the Great Hall of the People, under a painting of Chairman Mao Zedong and other revolutionary heroes, Chinese Vice Premier Wu Yi gave Treasury Secretary Henry Paulson and his delegation a history lesson about her country's struggles with poverty and foreign interference. American misconceptions about the Asian country aren't "conducive" to good relations, she said as she opened two days of talks yesterday, according to the written text of the speech.
"Throughout all these years' interactions with all quarters of the U.S., the government and the public, we have had the genuine feeling that some American friends are not only having limited knowledge -- but [also] harboring much misunderstanding -- about the reality in China," said Ms. Wu, who is considered an advocate of economic change.
Ms. Wu reiterated longstanding Chinese complaints that foreign critics fail to grasp the extent of her country's economic and social challenges, from poverty to the waves of rural residents pouring into cities. She and other Chinese officials also have said foreigners misread Beijing's efforts to address those problems through economic development as a threat to its trading partners. Chinese officials argue they have done more to address foreign complaints than critics acknowledge, but that ultimately China must move at its own pace to avoid triggering social unrest.
The American delegation came to Beijing hoping to create a mood of mutual trust that would spur progress on a host of issues, from piracy of U.S. computer software to market access for U.S. financial-services companies to China's alleged practice of pegging its currency -- known as the yuan -- at an artificially low level to the dollar. The American delegation senses that U.S. lawmakers, worried by the trade deficit and the loss of manufacturing jobs, are ready to blame China and are flirting with protectionist legislation.
"It is in everyone's interest that China's growth continues and in doing so that it strengthens the world economy," Mr. Paulson told the Chinese in the closed-door session, according to a copy of the speech. "This dialogue can help us work together to do just that while reducing tensions along the way."
Mr. Paulson has described this round of talks as the start of two years of strategic dialogue aimed at creating a climate in which thorny trade, financial, energy and other issues can eventually be resolved. He has gone to great lengths to reduce expectations that this week's meetings would produce instant changes in Chinese policies.
Tensions over the currency issue are particularly sharp, with American manufacturers charging that the weak yuan gives Chinese companies an unfair edge over their American competitors.
U.S. officials have generally called for a more flexible Chinese currency and an eventual float, without specifying they also want it to rise -- although they expect it to. "We believe that China should move toward [a floating exchange rate] over the next several years," Mr. Paulson said yesterday. "And, of course, you understand our strong view that in the meantime, more currency flexibility is necessary."
But in a speech scheduled to be delivered today to the Chinese Academy of Social Sciences in Beijing, Mr. Bernanke went further, saying the yuan is widely considered undervalued and has become more so as the dollar falls against other currencies, taking the yuan with it. "An undervalued currency" is "an effective subsidy" to export-oriented Chinese companies, he said. "If China invests too heavily in export industries whose economic viability depends on undervaluation of the exchange rate, a future appreciation of the [yuan] could lead to excess capacity in those industries, resulting in low returns and an increase in nonperforming loans."
Letting the currency rise would direct more production toward meeting the demands of Chinese consumers, he said, and reduce China's trade surplus.
To keep the yuan down, China's central bank sells newly printed yuan in the foreign exchange market in return for dollars. Since an increased supply of yuan would fuel inflation, the central bank sops up the extra currency by issuing special "sterilization" bonds. These bonds, Mr. Bernanke said, crowd out other assets, "interfering with the growth and development of private financial markets."
Moreover, speculation the yuan must eventually rise fuels demand for the currency by investors, forcing the central bank to issue more sterilization bonds. Eliminating controls over such inflows would be good for growth, but doing so without delinking the yuan, he warned, would "trigger large capital inflows" and "almost entirely eliminate the [central bank's ability] to stabilize the domestic economy."
Mr. Bernanke's advice is based on basic economics, and he has said some of it before, though in less detail. By delivering it while part of Mr. Paulson's delegation, he may create perceptions of coordination between the independent Fed and the administration's policy.
Ms. Wu repeated earlier statements that China seeks a "rough balance" between imports and exports, rather than its large trade surplus, and Beijing intends to move toward a system that would let markets set the yuan's value. The yuan has gained almost 5.9% against the dollar since the Chinese initially allowed it to move against the dollar in July 2005.
The size of the gathering had a slightly stifling effect on what Mr. Paulson hoped would be a free-flowing conversation about the long-term economic issues both countries face. In the cavernous Golden Hall, 14 senior Chinese officials, backed by 72 aides, faced off with 13 senior U.S. representatives, with 48 aides of their own. Participants who wanted to speak had to place their name cards on end as a signal; their names were then entered into a queue posted on a video screen. A senior U.S. official described discussions as "honest and frank."
Ms. Wu opened the event with a presentation that included a map of China's ancient trading routes, accompanying a speech that ranged from the Silk Road and the Opium War to farm policy and taxation. She characterized the main purpose of the talks as educating U.S. officials. "Our particular hope is to let people in the world know that China's development is an opportunity instead of a threat," she said, emphasizing that China is committed to trade and economic liberalization.
That language was intended to reassure her audience. U.S. officials have publicly worried China may slow down the pace of overhaul now that it has largely completed the market-opening commitments it made upon joining the World Trade Organization in 2001.
At yesterday's meetings, U.S. Trade Representative Susan Schwab accused the Chinese of backsliding on liberalization, according to one person present, and several U.S. officials urged the Chinese to accelerate overhauls. "We've got to move as quickly as possible, and whatever we're doing today, we've got to do it quicker," Commerce Secretary Carlos Gutierrez told reporters.
Ms. Wu emphasized the challenge of promoting equitable growth in a country where 150 million people -- more than 10% of the population -- live on less than a dollar a day and where 300 million people are expected to migrate from the fields to the cities over the next 20 years.
U.S. officials took the Chinese lecture in stride. "The reason we are having this dialogue is to improve the understanding between our two countries," one U.S. official said.
Write to Michael M. Phillips at michael.phillips@wsj.com, Andrew Batson at andrew.batson@wsj.com and Greg Ip at greg.ip@wsj.com
---------------------------------------
中美高官对话充满火药味 铁娘子果断回击
万维读者网 2006-12-15 16:35:59
http://news.creaders.net/headline/newsViewer.php?id=695940&dcid=1
万维读者网记者高歌综合报道，昨日在北京人民大会堂举行的中美首轮战略经济对话，一开始就充满火药味。美方首席代表保尔森敦促中方在人民币汇率、开放市场、打击盗版等方面作出实质让步，否则将面临美国贸易报复。中方主帅吴仪则反指美国人对中国「知之不多，而且误解不少」，美方趁此次对话加深对中国的认识。
据太阳报报道，中美双方均派出重量阵营参与对话，美方由财政部长保尔森带队，差不多半数内阁成员出席，包括联储局长伯南克、商务部长古铁雷斯、劳工部长赵小兰、生与公众服务部长莱维特、能源部长博德曼、贸易代表施瓦布、环境保护署署长约翰逊等；中方由副总理吴仪领军，成员有财政部长金人庆、发改委主任马凯、科技部长徐冠华、商务部长薄熙来、央行行长周小川等十二名部级高官。
在开幕式上，保尔森表明，美方希望中方进一步开放市场，增加市场透明度，促进贸易、竞争与投资。美方亦要求中国在短期内扩大人民币汇率浮动区间，中长期实现自由兑换，还敦促中国打击盗版，保护知识产权。保尔森特别提到，美国政府受到国会强大压力，美方期望在谈判中取得实质性进展。
对美方咄咄逼人，吴仪还以一个软钉子，她在开场白中说，中国已是一个开放的市场，「我们确实感到一些美国朋友对中国现实知之不多，而且充满误解」，这「对中美双边关不具建设性」。法新社认为，吴仪一开始表明中国「没有兴趣听美国人讲课（China was not in the mood to be lectured）」。今天出版的《华尔街日报》今天发表“贸易谈判考验中国铁娘子”的专题报道，称“铁娘子”吴仪领衔对美谈判，她是一位强硬谈判家。
文章开篇这样描述：无论是什么样的问题──致命性病毒也罢、盗版DVD蔓延也罢，或者是管子工短缺也好──只要出了问题，中国领导人和外国商人经常都会找到一个中国人，她就是吴仪。这位六十八岁的副总理是中国职位最高的女性领导人，外界公认她是中国政府里最有办事能力的人之一。报道引述公共关系企业安可顾问有限公司亚洲区负责人、曾与吴仪交往多年的孟克文(Chris Murck)的评价说，在中国，她在党内和政府内部都有很高的威信。她是一位极其坦率的国家利益的维护者。吴仪在男性为主的体制里之所以能脱颖而出，并不是因为其性别优势，而是依靠其在严重分歧的局面下促成各方达成协议的能力。鉴于她的这种能力以及她一向坚持认为对外商开放投资和贸易有利于中国的立场，本周的谈判有望取得某些实质成果。不过文章也认为，吴仪是一位技术型的官员，她虽然是目前主管中国经贸的最高官员，但她的权力也不是无限的。
在与西方人打交道时，吴仪的果断作风和国际化视野对她有很大帮助。她甚至让一些对中国持批评意见的人士也心悦诚服，比如美国参议员林赛-格雷厄姆 (Lindsey Graham)和查尔斯-舒默(Charles Schumer)。这两位人士曾在国会提出，如中国仍不调整汇率政策，将对中国采取惩罚性措施，对中国输美商品征收关税。今年三月，在国会就他们的提案进行相关投票的前夜，他们两人在北京会晤了吴仪，结果双方的谈话超出了预定的时间。格雷厄姆后来发自内心地说：这位副总理很风趣。她非常直率。她如果在美国当律师会很出色的。我非常欣赏她。
报道说。吴仪她是在一九九一年调到外经贸部工作后才开始真正为更多人所知的。当时她负责处理美国人怨声载道的盗版和侵权问题。她的专业水平给美方人员留下了深刻印象，而她回应外方威胁的能力也让她的中国同事大为赞叹。对外经济贸易大学教授卢进勇说，她坚定捍卫国家利益，从不妥协，但在处理具体细节问题上又表现得很灵活。这篇文章盛赞吴仪在推动中国加入世贸、中国爆发非典型肺炎后临危受命以及目前分管艾滋病等方面工作中的出色表现。
文章说：吴仪似乎对她在人们心目中的“铁娘子”形象非常清楚，但她也是中国政界要人中颇能表现出幽默感的人。今年四月，在赴美签署采购订单(以缓和两国贸易紧张气氛)的行程中，她在华盛顿对满屋子的媒体记者自我介绍时说：主席台上男士的数量超过了女士。她接着面无表情地说：所以很显然，我现在处在弱势地位。有助手翻译了她的话，房间里一片沉默。忽然她用英语说：开个玩笑而已。在场记者中间忍不住爆发出一阵笑声。
今天，吴仪将再次面对她遇到的最棘手的问题之一：与美国这个中国最大的出口市场目前经贸关系吃紧。吴仪领衔此次与美国财长保尔森率领的美国代表团的一系列对话，这会谈是美、中两国为改善在贸易、金融、能源等领域的关系而启动的新一轮战略对话的开篇。针对美国国内漫的中国经济威胁论，吴仪表示：中国的发展不会「挑战」既有的国际秩序，中国希望用「改革」的办法完善国际经济秩序。吴仪这句话可圈可点，意味深长，表明中国面对美国这个当今世界唯一超强时的底牌：我不想「挑战」你，但你无法阻止我在参与过程中[改变」既有的游戏规则。
吴仪昨日的一番「不挑战，但改革」言论，正式阐明中方的立场：中国主张和为贵，即使中国哪一天强大了，也不会挑战美国的霸权；但是，中国崛起已是一个不争的事实，中国希望得到美国的尊重，尤其希望美国在其垄断的全球资源、先进科技等方面向中国开放，让中国分享利益。於中美经济的巨大规模和影响力，中美战略对话的意义超出了双边的畴，将对全球经济的发展、稳定和安全产生深远的影响，在某种程度上，将重划国际经济版图。
