Beijing, Dec 4 (Xinhua) China has said the current global financial crisis is the most demanding issue that it would address jointly with the United States.”The most pressing issue we have to deal with is coping with global financial turmoil,” vice premier Wang Qishan said here Thursday in his opening address to the fifth China-US Strategic Economic Dialogue (SED).

Wang and US Treasury Secretary Henry Paulson co-chaired the highest-level dialogue between the two countries.

Wang said it is imperative for the two countries to work together to implement the consensus reached at the G20 summit, restore market confidence as soon as possible, prevent the crisis from spreading, and avoid a global economic recession, especially its impact on developing countries.

He also urged the two sides to strengthen cooperation in financial supervision and the reform of international financial institutions.

In his opening remarks, Paulson said that work would continue on “strategies for managing macroeconomic risks and promoting balanced growth, on open investment and trade policies, including strengthening products, food and drug safety, on our respected roles in international institutions and to strengthen cooperation in energy and the environment.”

“For the first time during the SED, the United States and China will focus on how we work together through international forums to strengthen the global economic system,” he said.

The SED was initiated by US President George W. Bush and his Chinese counterpart Hu Jintao in 2006 and has held four sessions till date.

The theme of this year’s dialogue is “laying the cornerstone for long-term Sino-U.S. economic partnership”.