Observers believe that the establishment of the new "China-US Strategic and Economic Dialogue" corresponds with the development of the international situation and evolvement of the China-U.S. relations.

The new mechanism will help strengthen the correlation between security and economy, Fu said.

The "dialogues" are based upon bilateral ties between China and the United States, however, their significance goes beyond a bilateral relationship, Fu said.

"The announcement of the new US-China Strategic and Economic Dialogue (mechanism) demonstrates that both sides want to build on the positive momentum created during the past few years in US-China relations," Dennis Wilder, a renowned China expert with the Brookings Institution, said.

He said "close US-China dialogue at senior levels is critical for both sides to deal with bigger challenges."

New cooperation, new opportunity

Hu and Obama stressed that China and the United States, two of the world's major economies, will work together to renew economic growth and stabilize the financial system so as to avoid reoccurrence of a similar grave crisis.

They shared the view that the stimulus measures taken by both countries have contributed to enhancing global economic stability, and that a powerful financial system is crucial for reviving world economic growth.

The two leaders also agreed to replenish the resources of international institutions to help meet the capital shortage of emerging markets and developing countries, and pledged to work together to this end.

The two leaders expressed their firm support for global trade and investment flow that is beneficial to all, and promised to oppose protectionism and ensure their sound and stable bilateral trade ties.

The consensus reached by the two heads of state has won plaudits from experts and the media.

Jin said China and the United States should work hand in hand as they are "in the same boat."

The China-US summit is in the global interest as international financial markets are looking forward to all-around cooperation between the two countries in the fight against the crisis, Jin said.

He said the two countries are recognized as the engines of the world economy, contributing to more than half of the world's economy in the past years.

If the two countries can move forward together in the current difficult times, it will help pull the whole world out of the crisis at an early date, Jin said.

Most media believe future China-US ties will turn out to be positive despite existing differences or divergence, and a strong indicator of it is the fruitful summit between the two countries.

(Xinhua News Agency April 2, 2009)