Purpose
The Senior Dialogue was conceived at a 2004 APEC meeting, after a suggestion made by the Chinese President Hu Jintao to U.S. President George H. W. Bush to create a forum where the global superpower and emerging global player could come together and discuss issues of mutual concern. The typically two-day rounds help establish a framework for bilateral cooperation between the two countries, and give the U.S. an opportunity to shape China's impact on the world as its economy continues to industrialize.
Integrating China into the world's security, economic and political systems continues to be the U.S.'s current policy in dealing with China's rise on the global sphere. However, China's current international economic policies are increasingly rankling American workers and businesses, among others around the world who consider China's trade practices unfair. On June 13, 2007, four U.S. senators introduced a bill that would pressure China to allow its currency to rise in value, which would help close the huge U.S. trade deficit with China, which hit a record $233 billion in 2006. However, Treasury Secretary Henry Paulson believes in pursuing a less confrontational and non-protectionist approach.
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