Secretary of State Hillary Clinton and Treasury Secretary Tim Geithner released a joint statement Wednesday on the establishment of a US-China Strategic and Economic Dialogue.

The dialogue was established earlier in the day by President Barack Obama and Chinese President Hu Jintao when the two met at the G20 conference in London.

Clinton and Chinese State Councilor Dai Bingguo will chair the Strategic Track of this dialogue, while Geithner and Chinese Vice Premier Wang Qishan will chair the Economic Track of the dialogue.

The first round of the dialogue will be held in Washington, DC over the summer.

We are honored to have been appointed by President Obama as Special Representatives for the United States to the US-China Strategic and Economic Dialogue, the statement said.

The statement said the dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest.

Through the dialogue, the statement continued, and in its strategic and economic tracks, we look forward to pursuing in-depth discussions with our Chinese counterparts to enhance the welfare of the citizens of both countries.

Clinton and Geithner said the plan is to meet once a year in alternate capitals, and we look forward to welcoming the Chinese to the United States for the first round of the dialogue this summer.

In closing the statement, Clinton and Geithner said they look forward to working with Bingguo and Qishan, as well as our colleagues in President Obama's Cabinet in promoting US-China cooperation.

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