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The 8th Round of China-US Strategic and Economic Dialogues Concludes Both Sides Reach Broad Consensus and Achieve Positive Outcomes

On June 7, 2016, the closing ceremony and press conference of the 8th round of China-US Strategic and Economic Dialogues was held at the Great Hall of the People. Vice Premier Wang Yang and State Councilor Yang Jiechi, acting as special representatives of President Xi Jinping, along with Secretary of State John Kerry and Treasury Secretary Jacob Lew of the US, acting as special representatives of President Barack Obama, attended the event and respectively delivered speeches.

Wang Yang said in the speech that in this round of economic dialogue, the Chinese side has earnestly implemented instructions of President Xi Jinping, and worked with the US to carry out candid and in-depth communication on major agendas regarding both economies and the world economy, reaching over 60 outcomes. Outcomes of economic dialogue have played an important role in overcoming the deep impact brought by the international financial crisis for the two countries, effectively boosting the stable development of China-US relations and injecting positive energy for world economic recovery.

Both sides realized the importance of structural reform on maintaining sustainable economic growth of the two countries. China will focus on strengthening the supply-side structural reform while moderately expanding the total demand. The US has promised to take the spillover effect on the international financial market into full consideration during its process of normalization of monetary policy, and pay attention to increasing policy transparency and predictability. The two sides realized that overcapacity in steel and other industries, which is caused by feeble world economy recovery and sluggish demand, is a global issue that requires collective efforts.

Both sides agreed to accelerate negotiations on the bilateral investment agreement and strive for a high-level agreement featuring mutual benefit and win-win results at an early date. The two countries reiterated to continuously discuss export control issues in detail through China-US high-technology and strategic trade working group. Both sides will continue to promote bilateral cooperation in trade and investment between provinces/states and cities, and further strengthen communication and cooperation in such aspects as infrastructure construction, intellectual property protection, agriculture, small and medium-sized enterprises, research and innovation of clean energy as well as economic policy research.

The two sides will enhance cooperation in Renminbi trade and liquidation in the US, welcome sustainable cooperation between financial trade platforms, and devote themselves to strengthening connectivity in both financial markets and products. Both sides agreed to carry out cooperation in green finance. Both financial regulation bodies stand ready to promote information sharing and cross-border law enforcement cooperation.

Yang Jiechi said in the speech that in this round of strategic dialogue, both China and the US have, centering on the implementation of the spirit of meeting between President Xi Jinping and President Barack Obama in Washington D.C. this March, conducted in-depth discussion in promoting the construction of the new model of China-US major-country relationship, forging new highlights of bilateral practical cooperation, properly managing and controlling differences and sensitive issues, well handling China-US relations in the Asia-Pacific region, and strengthening communication and cooperation in major international and regional as well as global issues and other topics, reaching more than 100 specific outcomes.

Both sides reviewed positive results achieved in China-US relations since the meeting at the Annenberg Estate between the two heads of state, and stressed the extreme significance of the well implementation of the consensus reached by the two heads of state. Both sides agreed to strengthen communication, focus on cooperation, and properly handle differences, so as to promote China-US relations to always move forward along the correct track. The two sides will conduct closer cooperation, work with all sides to push for more positive results from the G20 Hangzhou Summit this September, and ensure the complete success of meeting between the two heads of state.

Both sides agreed to make great efforts to push bilateral military relations to achieve new development, strengthen policy dialogue, enhance communication and interaction, boost mutual trust, and carry out more joint exercises and trainings. The two sides will strengthen communication and cooperation in extensive areas such as anti-terrorism, cycberspace, judicature and law enforcement, anti-corruption, fugitive repatriation and asset recovery, energy, environmental protection, customs, health, aviation and marine protection. Both sides will continue to strengthen communication and coordination in international negotiations on climate change and promote the implementation of the Paris Agreement.

Both sides agreed to intensify communication in Asia-Pacific regional affairs, and deepen coordination within the framework of regional multilateral mechanism, so as to play a greater role in promoting peace, stability and prosperity in the Asia-Pacific region. Both sides are willing to maintain close communication and coordination in the Korean Peninsula nuclear issue, the Iranian nuclear issue, the Iraqi issue, the Syrian issue, the Afghan issue and other issues.

In regard of the South China Sea issue, China reiterated its consistent principles and stance, stressing that islands in the South China Sea have been territory of China since ancient times. China has the right to safeguard its own territorial sovereignty and rightful as well as legitimate maritime rights and interests. China has not changed and will never change its stance of non-acceptance of and non-participation in the arbitration initiated by the Philippines in accordance with the United Nations Convention on the Law of the Sea and other international laws. It is hoped that the US can abide by its commitment of not taking stance on territorial disputes, so as to play a constructive role in maintaining peace and stability in the South China Sea.

John Kerry and Jacob Lew spoke highly of achievements of this round of dialogues and introduced relevant views of the US.

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