WASHINGTON, D.C. – The head of the National Association of Manufacturers commended Chinese and American officials for progress in the latest round of joint economic talks.

NAM president John Engler called the second meeting of the Strategic Economic Dialogue, between Treasury Secretary Hank Paulson and Chinese Deputy Prime Minister Wu Yi, a “breakthrough … in expanding passenger and cargo flights,” and “new cooperation in financing U.S. exports to China, new market access for the financial sector, increased cooperation in energy, and announcements of large purchases of U.S. products.”

Engler also applauded the nonconfrontational methods used by the Treasury Secretary. “This dialogue is all about direct and candid discussions on the opportunities and risks in our relationship,” he said. “Hank Paulson is trying cooperation and consultation rather than confrontation to get the job done, and we support his efforts. But we also need the dialogue to produce results.”

Engler noted the aim of the SED is to bring about structural change. “The Chinese leadership must recognize that the risk now lies in acting too slowly rather than acting too rapidly,” he said. “We are hopeful that the dialogue will result in faster actions by China to move away from export-led growth to domestic-led growth,” he continued.

“We all want to see a mutually beneficial relationship with China – one in which both U.S. and Chinese companies and workers can compete fairly, with assurances that global trade rules will be observed and enforced,” Engler said. “Our economies have a great deal at stake in our trade relationship, and the SED process is the best hope for achieving a win-win outcome.”