The fifth US-China Strategic & Economic Dialogue, held in Washington last week, provided an opportunity for new senior policy teams on both sides to take measure of each other and work on key bilateral, regional and global issues.

Although many jaded US political observers say the S&ED has become unwieldy and excessively process-oriented, the reality is that things are changing. The operating environment of the US-China talks is shifting toward multipolarity - as proven by a slate of proposed regional trade deals and the cybersecurity debate.

US-China dialogue rests on strategic and economic tracks. The former covers vital security issues, such as Chinese military modernization, maritime disputes in Asia, US strategic pivot to Asia, bilateral military-to-military relationship, Iran's nuclear program and the denuclearization of the Korean Peninsula. It also includes cross-Straits relations and US arms sales to Taiwan.