"The biggest feature of this dialogue is the atmosphere, which is the more harmonious compared with that of the previous five bilateral strategic economic talks," said Niu Xinchun, a researcher at the China Institute of Contemporary International Relations, adding that no groundbreaking outcomes were achieved through the dialogue.
"It is undeniable that the US has changed its attitude toward China, which is a positive sign," Niu said.
Friction and conflicts that remain in the bilateral relations have been sidelined by a common aspiration to survive the financial crisis and to seek cooperation in the field of energy, according to Niu.
Shi Yinhong, a professor of international relations at Renmin University of China, noted that one major characteristic of the dialogue was a more mature attitude shown by both delegations.
Shi noticed that both countries seem more pragmatic than before. "Both sides tried to downplay those issues that they can't find feasible solutions for," Shi said.
Chen Baosen, a professor of the US economy with the Chinese Academy of Social Sciences, found that the US is not as arrogant as before in the dialogue, judging from its positive and collaborative attitude.
Chen called it a "wise" decision for the Obama administration not to raise the issue of the renminbi exchange rate at the dialogue, as it is not the root-cause for the trade imbalance.
Sun Lijian, a professor of economics at Shanghai-based Fudan University, however, said that US' downplaying of the renminbi issue is in the country's own interest.
"The US financial system, which the dollar is based on, collapsed because of the financial turmoil. The first thing the US has to do is maintain the value of the dollar and dollar-based assets. The appreciation of the renminbi would make the dollar depreciate more, which is what the US is unwilling to see," Sun said.
Sun considered the signing of the memorandum the only highlight of the talks. "The agreement shows that the two countries recognize the benefits of cooperation at the state level," Sun said.
The agreement involves cooperation on renewable energy, smart-grid technologies, electric vehicles, carbon capture and sequestration, joint research and development, clean air and water, and the protection of natural resources.
"It means that both countries will implement a series of policies to support the operation, including introducing preferential policies to private companies, and remove all sorts of obstacles such as high tariffs, trade friction and intelligence properties," Sun elaborated.
"China will not merely stay a manufacturer like before; it will participate in every stage of the entire industry, from designing, manufacturing, branding and sales, to capital management, and it may also engage in pricing by renminbi."
Shen Dingli, director of the Center of American Studies at Fudan University, said China has gained a larger say in its talks with the US.
"It stands firm in fighting for its own interests," Shen said. "It will take at least another decade for China to change the current balance of power to make it in favor of China."
But as the latest issue of Foreign Policy magazine put it, "China – in its search for status with the United States – has no interest in overturning the current open global order that has benefited it so much."
(Globaltimes July 31, 2009)
