U.S.-China Business Council (USCBC) president John Frisbie on Friday welcomed the results of the fourth round of China-U.S. Strategic and Economic Dialogue (S&ED).

Frisbie said in a statement the Strategic and Economic Dialogue has once again shown that consistent, well-coordinated engagement with China can produce results on issues important to the American economy and American companies and workers.

"The U.S.-China economic and commercial relationship has grown tremendously over the past decade and the S&ED is a vital piece of effective engagement with China," said Frisbie, head of the private, nonpartisan, non-profit organization of roughly 240 American companies that do business with China.

In this year's dialogue, China and the United States agreed to work together in optimizing the investment environment for companies in both countries.

U.S. Treasury Secretary Timothy Geithner said at the close of the Strategic and Economic Dialogue that both countries have made "significant progress" on the economic front since early 2009, when the annual S&ED was created to help manage bilateral relations and promote communication.

Geithner spoke positively of China's development and reforms, saying the United States welcomes these changes, the recent increase in Chinese business investment in the United States, as well as the closer integration of the two economies.