China and the United States pledged on Tuesday to expand economic and financial cooperation amid the world's worst economic recession in decades as they concluded their first Strategic and Economic Dialogue (S&ED).

In a joint media note, the world's biggest developing and developed countries said that the "Economic Track" of the S&ED has "enhanced bilateral communications, and our mutual understanding and trust."

Their cooperation on economic and financial issues is "important to the health of the world economy," the statement said.

They will "respectively take measures to promote balanced and sustainable economic growth in our domestic economies to ensure a strong recovery from the international financial crisis," including measures to increase savings in the United States and the contribution of consumption to GDP growth in China.

Both sides also vowed to work together to "build a sound financial system, and improve financial regulation and supervision."

They reaffirmed a commitment to "more open trade and investment and to fighting protectionism to promote economic growth, job creation and innovation."

"Both sides pledged to cooperate on reforming and strengthening the international financial institutions to increase the voice and representation of emerging and developing economies, including China, and to ensure adequate financing for development and to respond to future crises," the statement added.

During the two-day dialogue, officials from China and the U.S. held face-to-face plenary session addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic and economic interests.

On April 1, 2009, Chinese President Hu Jintao and his U.S. counterpart Barack Obama agreed to establish the mechanism of China-U.S. Strategic and Economic Dialogue during their first meeting in London on the sidelines of the G20 financial summit.