The Washington Post (NYSE:WPO) reported Friday the two sides, which had their Third Strategic Economic Dialogue in Beijing, couldn't agree on speeding up revaluation of China's yuan to rein in China's burgeoning trade surplus. The talks, however, produced modest agreements such as a 10-year plan to collaborate on energy and environmental issues. The U.S. side was led by Treasury Secretary Henry Paulson.

The SED sessions began in 2006 after Chinese President Hu Jintao met U.S. President George Bush.

Calling the talks a "complete success," Vice Premier Wu Yi, who led the Chinese delegation, said, "The dialogue went beyond short-term trade and economic issues, and achieved comprehensive thinking on Sino-U.S. economic relations from a strategic point of view, Xinhua reproted.

The two sides concluded 31 agreements relating to financial services, food safety and product quality, environment and energy, investment, and China's market economy status.

Among the agreements, China would allow qualified foreign companies including banks to issue yuan-denominated stocks and corporate bonds.

Paulson was quoted as saying "we both recognize the need to fight economic nationalism and protectionism in our two nations."