Cost of oil leads agenda in U.S.-China talks

ANNAPOLIS, Md. - Top finance officials from the United States and China pledged greater cooperation Tuesday on a range of economic issues from dealing with soaring energy prices to coping with the global shocks from America’s subprime mortgage crisis.
However, it was clear that the fourth round of high-level economic talks would leave both nations far apart on a number of contentious subjects from U.S. unhappiness over the slow pace of China’s economic reforms to Chinese concerns about increasing protectionist sentiments in the United States.
Treasury Secretary Henry Paulson hoped that the two days of talks will produce enough results to persuade the next administration to continue the meetings. It was Paulson’s brainchild to start the twice-a-year discussions in 2006.