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WASHINGTON: The US has agreed to loosen restrictions on the export of hi-tech goods to China and speed up its recognition of the nation's market economy, Vice-Premier Wang Qishan said on Tuesday after the China-US Strategic and Economic Dialogue (SAED).

"The US pledged to facilitate exports of high-technology products from the US to China," he said, while calling the SAED a "full success".

Sino-US trade has grown massively since China "opened up" 30 years ago. Last year - in spite of a seven-year low in China's rate of growth because of the global financial crisis - the volume of trade between the countries amounted to $333.7 billion. The number was $2.5 billion 30 years ago.

However, despite the massive volume of trade, the US suffers from a significant trade deficit with China and has blamed China's "undervalued" yuan for the fact that more goods flow from China into the US than in the other direction.

Analysts have said the reluctance of the US to export hi-tech products is partly to blame and noted that unrestricted sales of hi-tech goods would help balance bilateral trade.

Wang said China and the US agreed to "accelerate" the implementation of the Guidelines for China-US High Technology and Strategic Trade Development and formulate the Action Plan on Expansion of China-US High Technology and Strategic Trade Cooperation in Priority Sectors, which analysts say will encourage the export to China of hi-tech goods.

The US also recognized the "continued progress" China has made in its pursuit of market reforms and will "earnestly" consider its concerns, and work toward its market economy status being acknowledged in an "expeditious" way, US officials said.

Deputy Minister of Commerce Ma Xiuhong said both sides were conscious of the solid progress China had made in transitioning from a planned economy to a market-oriented one in the past 30 years.

"We still have some hurdles (to clear) we need (more) in-depth discussions," she said.

Calling the US position "positive", Ma said she hoped the issue would be resolved "within a short time".

Wang, who co-chaired the Economic Track of the talks with US Secretary of Treasury Timothy Geithner, said the nations agreed to oppose protectionism and increase the representation of developing countries in the decision-making of major international financial institutions.

China and the US will also hold regular exchanges, to talk about how they are dealing with financial issues and working for a global recovery.

At the SAED talks, China and the US reached consensus, or minimized the differences between them, on issues including economic rebalancing, climate change and regional security, laying the foundation for future cooperation.

The nations signed a Memorandum of Understanding on climate change and energy cooperation and issued a joint statement, mapping out their achievements.

The dialogue has "lent fresh impetus to the development of a positive, cooperative and comprehensive China-US relationship", Wang said.

About the broadcaster:

Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.