LOS ANGELES, CA (Catholic Online) - Wen thanked both sides for achieving substantial results during the dialogue. Both China and the U.S. have conducted four rounds of the S&ED since 2009. Wen added that the dialogue has become an important feature of bilateral ties as well as a major platform for enhancing communication and cooperation.

Wen also said that the sustainable and steady development of the S&ED is the result of adhering to the principle of mutual respect, treating each other as equals as well as accommodating the major concerns of both parties.

Wen said both countries should improve the quality and effectiveness of the dialogue in order to promote the development of bilateral ties.

He said that the economic situation is getting better for the U.S. as it has a solid foundation for its economy, although he mentioned that there are difficulties in economic recovery.

China's development has been blessed with strategic opportunities and the country is at a crucial stage for economic restructuring, he added.

The premier has called on both sides to map out a long-term plan for bilateral cooperation, focusing on the economic, financial, trade and investment sectors.

He believes creating a long-term plan will be the best way to resolve economic differences.

"China will remain committed to its policy of reform and opening up, as well as a path of peaceful development," he reiterated.

China and the U.S. can forge a peaceful coexistence and realize win-win cooperation, despite differences between their social systems and historical backgrounds, Wen added.

"Cooperative relations between China and the U.S. have gone beyond the bilateral scope. They are impacting and will continue to influence the whole world," Wen said.

In spite of multiple global challenges and uncertainties, the two economies have maintained growth and will continue to provide strong support for the global economy, Geithner said.

Although the two countries face different challenges in their economic systems, they are making progress in strengthening bilateral economic ties, he said.

Clinton also agreed that the two sides have made progress in effectively establishing a cooperative relationship.

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