Chinese Vice Premier Wu Yi and US Secretary of Treasury Henry Paulson announced on Wednesday the establishment of a China-US economic strategic dialogue.

"The dialogue will involve the highest official levels and is the first of its kind," according to a fact sheet accompanying the joint statement on the dialogue.

Wu and Paulson will co-chair the dialogue as special representatives of Chinese President Hu Jintao and US President George W. Bush respectively.

It will examine long-term strategic issues, and provide coordination for other specialized dialogues.

They said the two nations should enhance the strategic dialogue in the economic field, which is conducive to bilateral economic cooperation and the two countries' constructive and cooperative relations.

The dialogue will also have a positive influence on global economic development and international security, they said.

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