Zhao Xiuzhong, dean of the International Business and Trade School at the University of International Business and Economics in Beijing, said China was not obligated to change its independent innovation policy, so the positive response from the U.S. was diplomatic courtesy.

However, Zhao said the WTO submission marked a crucial step in improving transparency of the legislation process, which would benefit both China and the United States.

The issue of the investment environment is a two-part story. On the security of assets, U.S. Secretary of Treasury Timothy Geithner stressed "the U.S. economy is recovering quickly" and repeated it was safe to hold U.S. bonds. On improving the corporate investment environment, the U.S. promised to provide fair treatment for Chinese enterprises and said the Committee on Foreign Investment in the United States would treat all foreign investments equally, regardless of their source.

Don't judge the dialogue with concrete results only

This round of China-U.S. dialogue achieved remarkable outcome in terms of the number of concrete results. But a number of people still don't believe the S&ED mechanism has played a leading role in addressing practical and core issues of concerns of both sides.

It should be noted, however, that if we judge the value of the dialogue only by concrete results or disregard its importance on grounds that it didn't resolve certain crucial issues, we probably miss the substance of this mechanism.

"Currently, there are some 60 ministerial or higher level dialogue mechanisms between the two countries and basically all are functional dialogues that cover certain specific areas of cooperation," said Wang Yong, an expert on international politics and economics.

"But what lacks most in China-U.S. relations is strategic understanding and mutual trust, so the two countries should hold more candid dialogues to enhance communication and mutual trust on core concerns and interests of each other. The S&ED provides a platform for such talks," he said.

Aside from the specific agreements reached during this round of S&ED, there are at least three macro-level achievements.

First, it enhanced strategic mutual trust and smoothed communications between the two countries, providing a basis for talks on more substantial issues.

Second, it eased previous tensions between the two sides and created a favorable environment for China-U.S. economic and trade cooperation.

Third, it served as a role model for global coordination on economic policies, laying a good foundation for the next G20 summit in June.