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Seventh Round of China-US Strategic and Economic Dialogue Held in Washington of US
Wang Yang and Jacob Lew Jointly Co-chair Economic Dialogue

From June 23 to 24 local time, the seventh round of China-US Strategic and Economic Dialogue was held in Washington D.C., US.

President Xi Jinping’s special representative Vice Premier Wang Yang and US President Barack Obama’s special representative Secretary of the Treasury Jacob Lew co-chaired the Economic Dialogue. Both sides had candid and in-depth exchanges on the overall, long-term and strategic issues concerning the economy of the two countries and the world, and reached more than 70 important outcomes.

China and the US promised to further promote economic structural reform and sustainable and balanced development. Focusing on the influence of monetary policy on the international financial system, the US promised to increase investment, improve the rate of savings, reduce deficit and reform the tax system, devoting itself to realizing the sustainability of the mid-term finance.

Both sides promised to strengthen cooperation under multilateral frameworks such as the G20 and APEC. The US actively supported China as the host country of the G20 in 2016, promised to implement the scheme of reform in the IMF’s shares and Executive Board as soon as possible, and confirmed again that the distribution of shares shall be continuously transferred to emerging markets and developing countries so as to better reflect relative weight of the IMF member countries in the world economy. Both sides had an in-depth discussion on RMB joining in the SDR (Special Drawing Rights), and promised to respect the IMF’s procedures and processes in the coming SDR review and continuously strengthen communication on the issue of RMB joining in the SDR. Both sides reiterated their supports for the multilateral trading system and promotion of the Doha Round negotiations.

Both sides reiterated that the negotiation on China-US investment agreement is the most significant item in the current bilateral economic and trade relations, and appreciated the achieved progress, holding that exchanging the negative list in the 19th round talk is a significant milestone in the talks. Both sides promised to continuously and actively promote the talks and improve the bid for the negative list so as to reach a mutually beneficial, win-win and high-level agreement.

Both sides felt encouraged by the progress in the economic and trade cooperation between provinces and states as well as cities of the two countries, and agreed to establish more mechanisms such as the “Joint Working Group on Trade and Investment Cooperation”, creating conditions for closer economic and trade exchanges between the local governments of the two countries. Both sides agreed to further strengthen investment cooperation in their respective field of infrastructure between the political and business communities of the two countries, and support exploring the mutually beneficial and win-win business cooperation mode.

The US was fully aware of China’s high concern over the export restrictions, and promised to continue promoting and facilitating the export of commercial high-tech products to China’s civil end users and end uses. Both sides agreed to further dialogues and communication, striving to realize the mutual recognition of bilateral airworthiness of the transportation aircrafts.

Both sides agreed to strengthen financial cooperation. Both sides welcomed cooperation between the China Foreign Exchange Trade Center and the Chicago Mercantile Exchange Group so as to promote financial infrastructure connectivity between China and the US. The US was willing to discuss the implementation of the Volcker Rule with stakeholders including China’s financial enterprises.

Wang Yang said that the success of this round of Economic Dialogue has further stabilized the “ballast” and motivated the “propeller” in the sound and stable development of the China-US relations, and made important preparations for the relevant economic agenda in President Xi Jinping’s state visit to the US in September.

Wang Yang pointed out that increasing understanding is an important premise of realizing win-win cooperation between the two major countries, and that dialogues and communication is an important way of promoting bilateral friendly relations. The success of this Dialogue once again proved that the mechanism of the China-US Strategic and Economic Dialogue demonstrates increasing maturity of the major-country relationship and is an indispensable platform for China-US cooperation.

Jacob Lew said that this round of Economic Dialogue determines the fields in bilateral cooperation and makes clear the direction to resolve differences. It will strongly facilitate the two countries in conducting mutually beneficial cooperation and in jointly coping with challenges.

Wang Yang and Jacob Lew, together with State Councilor Yang Jiechi and Secretary of State John Kerry of the US, jointly attended the Special Joint Meeting on Climate Change under the framework of the Dialogue, and jointly met the press after the Dialogue. Wang Yang, Yang Jiechi and Jacob Lew jointly met with the entrepreneurs of China and the US.

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