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Remarks by President Xi Jinping's Special Representative and Vice Premier Wang Yang at the Joint Press Conference of the Sixth Round of The China-US Strategic and Economic Dialogue

2014/07/10

Friends from the press,

Sorry to have kept you waiting. Following two days of intensive and efficient work, the sixth round of the China-US Strategic and Economic Dialogue (S&ED) concluded with great success. During the economic dialogue, the two sides have had candid and in-depth exchange of views on three major topics: macroeconomic policy and structural reform; deepening trade and investment cooperation; financial sector reform and opening and across-border financial regulation. The dialogue was conducted in a way as President Xi Jinping expected and hoped when he addressed the opening ceremony. The two sides did keep our feet firmly on the ground while setting our eyes to the long-term future, have thorough communication and work in the same direction, uphold mutual respect, seek common ground while resolving differences and pursue mutual benefit on an equal footing and boost cooperation. With nearly 90 important outcomes, the dialogue has expanded consensus and narrowed differences.

The two sides commit to further strengthen macroeconomic policy communication and cooperation. The US side will continue to support moving towards a pattern of growth characterized by higher investment and national savings, cut federal budget deficit, reduce debt-to-GDP ratio, encourage personal saving, and pay closer attention to the impact of its monetary policy on the international financial system. The US commits to maintain close communication and cooperation with China and to support China in hosting a successful APEC Economic Leaders Meeting. The two sides will continue to strengthen cooperation in the G20 and advance international financial governance reform. The two sides support the World Bank periodically reviewing its shareholding structure. The US side commits to complete its domestic approval of the 2010 IMF quota and governance reforms as soon as possible. The two sides have agreed on the terms of reference for peer review of fossil fuel subsidy, and urge more G20 countries to participate in this initiative.

The two sides agree to work to reach an agreement on the core issues and main articles of the Bilateral Investment Treaty (BIT) in 2014 and commit to initiate the “negative list” negotiation early in 2015. The US side welcomes Chinese enterprises’ investment in the United States and commits to maintain an open investment environment for all Chinese investors. The US side commits that the Committee on Foreign Investment in the United States (CFIUS) applies the same rules and standards to each transaction that it reviews and also commits to continue to discuss and explain to the Chinese side concepts in the US foreign investment review process.

The two sides have carried out constructive discussions on Information Technology Agreement (ITA) expansion. The two sides agree to continue discussion in the coming weeks in order to create conditions for the resumption of the plurilateral negotiations.

The US side commits to treat China fairly in the Export Control Reform Initiative, and encourage and facilitate the export of high technology items for civilian end use to China. The US side commits to discuss with the Chinese side issues concerning China in the Consolidated Appropriations Act 2014.

The US side commits to evaluate changes to the approval process for LNG export, increase the efficiency of evaluation, and to keep the Chinese side informed about the latest progress.

The two sides agree to further strengthen financial cooperation, including cooperation in the areas of shadow banking, OTC derivatives, cross-border audit oversight and accounting standards. The two sides welcome the conclusion of an intergovernmental agreement on the Foreign Account Tax Compliance Act. The US side commits to treat Chinese financial institutions as deemed compliant.

These important outcomes have not come by easily. They provide a good foundation for the meeting between the two presidents in November and inject positive energy into the effort to build a new model of major-country relations between China and the United States.

I want to stress that mutual understanding and trust are important preconditions for the two major countries of China and the United States to achieve win-win cooperation. Dialogue and communication are key to a friendly relationship. Over the past year, Secretary Lew and I have maintained close communication over telephone and the two teams have engaged in frequent consultations and devoted time and energy to make this dialogue possible. The success of this S&ED once again proves that the people of our two countries have the ability and wisdom to properly deal with the differences and disagreements, overcome difficulties and ensure the giant ship of China-US relations will continue to brave winds and waves and sail in the right direction.

Finally, I want to thank the journalists for following and covering this round of dialogue. You deserve credit for contributing to the healthy growth of China-US relations.

Thank you.

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