Good evening. I am pleased to be here this evening to celebrate the 30-year anniversary of a turning point in U.S. and Chinese history. Thirty years ago was a time when the American and Chinese people began to understand one another better and to see the benefits – indeed, the necessity – of normalization. There are a large number of people in the audience who have been central to this effort – and to you I am especially grateful.

Since that time, the U.S.-China relationship has deepened and expanded across economic and foreign policy issues. There is hardly an issue where U.S. and Chinese cooperation is not critical to global progress, and history has shown that the ties between the United States and China have been most stable and mutually beneficial when a common interest has united leaders in Washington and Beijing. Our engagement with China has brought benefits to the American people, the Chinese people, and the people of the world.

One of my priorities as Treasury Secretary has been to strengthen engagement between our two nations on the broad realm of economic issues. Two weeks ago the United States and China held our fifth Cabinet-level meeting of the Strategic Economic Dialogue, the SED, in Beijing. We made progress on a number of important fronts. Our discussions were productive and candid, which is only possible among colleagues who have built relationships of trust and confidence. Broad participation on both sides allowed us to engage on a wide range of critical issues, from trade and investment to transportation, from currency reform to energy security, and from product safety to environmental sustainability and Ecopartnerships.

Through the SED, we have seen that direct engagement is a pathway to success, that the United States and China can build a stronger relationship that benefits our citizens and the global economy. As I and my U.S. colleagues take our leave, we all can be proud of what we have built in the SED. We have learned that engagement works, that engagement can help achieve meaningful, tangible results that would not have been possible otherwise. We have managed through times of tension, and through China's leadership transition earlier this year. The United States is now undergoing our own transition, and the U.S. – China economic relationship will continue to be vital to the health of our two economies and the global economy. Our countries will no doubt face future challenges, and through the foundation of mutual respect, trust and candor fostered by the SED, I have no doubt we will manage through those challenges as well.

Thank you.