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Cover Stories Series 2011> A Rewarding State Visit> Background
UPDATED: January 20, 2011 NO. 5 FEBRUARY 3, 2011
Full Text of China-U.S. Joint Statement

Building a Comprehensive and Mutually Beneficial Economic Partnership

22. President Hu and President Obama recognized the vital importance of working together to build a cooperative economic partnership of mutual respect and mutual benefit to both countries and to the global economy. The two leaders agreed to promote comprehensive economic cooperation, and will further develop a framework of comprehensive economic cooperation, relying on existing mechanisms, by the third round of the S&ED in May, based on the main elements outlined below:

23. The two sides agreed to strengthen macroeconomic communication and cooperation, in support of strong, sustainable and balanced growth in the United States, China and the global economy.

-- The United States will focus on reducing its medium-term federal deficit and ensuring long-term fiscal sustainability, and will maintain vigilance against excess volatility in exchange rates. The Federal Reserve has taken important steps in recent years to increase the clarity of its communications regarding its outlook and longer-run objectives.-- China will intensify efforts to expand domestic demand, to promote private investment in the service sector, and to give greater play to the fundamental role of the market in resource allocation. China will continue to promote RMB exchange rate reform, enhance RMB exchange rate flexibility, and promote the transformation of its economic development model.-- Both sides agree to continue to pursue forward-looking monetary policies with due regards to the ramifications of those policies for the international economy.

The two sides affirmed support for efforts by European leaders to reinforce market stability and promote sustainable, long-term growth.

24. The two countries, recognizing the importance of open trade and investment in fostering economic growth, job creation, innovation, and prosperity, affirmed their commitment to take further steps to liberalize global trade and investment, and to oppose trade and investment protectionism. The two sides also agreed to work proactively to resolve bilateral trade and investment disputes in a constructive, cooperative, and mutually beneficial manner.

25. The two leaders emphasized their strong commitment to direct their negotiators to engage in across-the-board negotiations to promptly bring the WTO Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion, consistent with the mandate of the Doha Development Round and built on the progress already achieved. The two sides agreed that engagement between our representatives must intensify and expand in order to complete the end game.

26. The two leaders agreed on the importance of achieving a more balanced trade relationship, and spoke highly of the progress made on this front, including at the recent 21st Meeting of the Joint Commission on Commerce and Trade in Washington, D.C.

27. China will continue to strengthen its efforts to protect IPR, including by conducting audits to ensure that government agencies at all levels use legitimate software and by publishing the auditing results as required by China's law. China will not link its innovation policies to the provision of government procurement preferences. The United States welcomed China's agreement to submit a robust, second revised offer to the WTO Government Procurement Committee before the Committee's final meeting in 2011, which will include sub-central entities.

28. The two leaders acknowledged the importance of fostering open, fair, and transparent investment environments to their domestic economies and to the global economy and reaffirmed their commitment to the ongoing Bilateral Investment Treaty (BIT) negotiations, recognizing that a successful BIT negotiation would support an open global economy by facilitating and protecting investment, and enhancing transparency and predictability for investors of both countries. China welcomed the United States' commitment to consult through the JCCT in a cooperative manner to work towards China's Market Economy Status in an expeditious manner. China welcomed discussion between the two sides on the ongoing reform of the U.S. export control system, and its potential implications for U.S. exports to its major trading partners, including China, consistent with U.S. national security interests.

29. The two sides further acknowledged the deep and robust nature of the commercial relationship, including the contracts concluded at this visit, and welcomed the mutual economic benefits resulting from the relationship.

30. The two sides agreed to continue working to make concrete progress on the bilateral economic relationship through the upcoming S&ED and the JCCT process.

31. China and the United States recognized the potential for their firms to play a positive role in the infrastructure development in each country and agreed to strengthen cooperation in this area.

32. The two countries committed to deepen bilateral and multilateral cooperation on financial sector investment and regulation, and support open environments for investment in financial services and cross-border portfolio investment, consistent with prudential and national security requirements. The United States is committed to ensuring that the GSEs have sufficient capital and the ability to meet their financial obligations.

33. China and the United States agree that currencies in the SDR basket should only be those that are heavily used in international trade and financial transactions. In that regard, the United States supports China's efforts over time to promote inclusion of the RMB in the SDR basket.

34. The two countries pledged to work together to strengthen the global financial system and reform the international financial architecture. The two sides will continue their strong cooperation to strengthen the legitimacy and improve the effectiveness of the International Monetary Fund and Multilateral Development Banks (MDBs). The two sides will jointly promote efforts of the international community to assist developing countries, in particular the Least Developed Countries to achieve the Millennium Development Goals (MDGs). The two sides will also, in partnership with the Multilateral Development Banks, explore cooperation that supports global poverty reduction and development, and regional integration including in Africa, to contribute to inclusive and sustainable economic growth.

35. The two countries reiterated their support for the G-20 Framework for Strong, Sustainable and Balanced Growth and reaffirmed their commitments made in the Seoul Summit Declaration, including using the full range of policies to strengthen the global recovery and to reduce excessive imbalances and maintain current account imbalances at sustainable levels. The two sides support a bigger role for the G-20 in international economic and financial affairs, and pledged to strengthen communication and coordination to follow through on the commitments of the G-20 summits and push for positive outcomes at the Cannes Summit.

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