America and China need to develop an agenda as mutual stakeholders in the world economy. The new strategic economic dialogue and the energy group launched by China with the US, India, Japan and South Korea supply the means to do so.
So far the media focus has been on the appreciation of China's currency. Progress on this issue will establish a sense of fair competition. Yet the Sino-American agenda needs to be broader. Some steps can prepare the way for China's transition to a flexible exchange rate. Others lay the foundation for two important economies to advance and share in global prosperity.
