The U.S.-China Strategic and Economic Dialogue (S&ED) again demonstrates that high-level dialogue with China is critical to setting policy directions on issues important to U.S. interests, including commercial relations, the U.S.-China Business Council (USCBC) said Tuesday.

"This year's meeting moved the ball forward on economic and commercial issues that impact American companies doing business with China," said USCBC President John Frisbie in a statement.

"The S&ED is not meant to solve every issue between our countries, but these meetings are a vital part of the ongoing process of resolving issues that matter to American companies," he said.

The two powers wound up the two-day dialogue on Tuesday, achieving consensus on bilateral relations, facilitating global economic recovery, anti-protectionism in international trade, pushing forward financial reforms and important international affairs.

The two dialogue partners also signed agreements covering trade, environment, energy and disease control at or on the sidelines of the S&ED.

The renminbi issue was discussed during the two-day session, but, as USCBC predicted, were not featured prominently in the list of outcomes.

"We did not expect this bilateral forum to result in a major announcement on China's currency policy," said Frisbie. "We nonetheless welcome (Chinese) President Hu Jintao's affirmation to reform his country's exchange rate administration and China's desire for increased coordination in rebalancing economic growth models."

He noted that with the current Greek debt and euro pressures hampering global economic recovery, "it is essential that the United States and China work together with other G-20 nations to develop coordinated financial policies."

Addressing the opening ceremony in Beijing, President Hu reaffirmed the importance of developing China-U.S. relations. He said sound bilateral ties contribute to peace, stability and prosperity in the Asia-Pacific region and the world.

Hu called on the two sides to maintain close communication at the top and other levels and to develop a pattern of mutually- beneficial and win-win cooperation.

"The bottom line is that we benefit from the S&ED,"concluded Frisbie. "Increased policy coordination helps economic recovery, and the S&ED's top-down direction gives support to detailed trade discussions at the Joint Commission on Commerce and Trade (JCCT) and in other bilateral exchanges."