Beijing, 4 May 2012

Friends from the press,

Guided by the instructions of the Presidents of the two countries and thanks to the joint efforts of both sides, the economic dialogue of the fourth round of China-US Strategic and Economic Dialogues (S&ED) has achieved great success.

President Hu Jintao attended the meeting and delivered an important speech. President Obama sent a written message. Their remarks have charted the course for the future development of China-US relations. During the economic dialogue, the two sides earnestly followed through on the agreement reached by the two Presidents, held candid discussions on macro economy, trade, investment, finance and other topics, and achieved 67 mutually beneficial outcomes.

The two sides shared the view that the present global economic situation remains grim and complex and securing recovery, growth and job creation are the top priorities for all countries. Both sides will take concrete measures to accelerate the shift of growth pattern, adjust the economic structure, promote economic growth, job creation and improvement in people's well-being, and contribute to the sustainable recovery of the world economy. The two sides stated their willingness to enhance macroeconomic policy communication and exchanges, work together to address the European debt crisis and other global challenges, and make concerted efforts to ensure the success of the G20 Los Cabos Summit.

China and the United States are ready to work together to unleash the potential in trade and investment cooperation. The US side undertook to give full consideration to China's concerns in reforming its export control system, and will make efforts to facilitate civilian high-tech exports to China. The US side welcomes Chinese companies to make investment in the United States and will provide facilitation. The two sides agreed to launch the seventh round of negotiations on a bilateral investment treaty as soon as possible, step up cooperation in infrastructure, clean energy, high-end manufacturing, modern services and other areas, and encourage exchanges and cooperation between provinces/states and cities. The two sides also agreed to enhance cooperation in the field of aircraft airworthiness certification.

The two sides had a strategic discussion on issues concerning international economic rules and standards. They agreed to maintain information exchange on the TPP and other regional trading arrangements, and jointly study new trends in international trade statistics methodology. The two sides are committed to building a more open global trading system and oppose protectionism of all forms.

Financial cooperation is an important topic during this round of dialogue. The US side committed to accelerate review of Chinese banks' application for business operation in the United States and gave positive assessment to China's significant progress made in comprehensive consolidated supervision (CCS) of financial institutions.The United States supports the inclusion of RMB into the SDR basket when it meets the IMF's existing inclusion criteria. The two sides agreed to enhance communication and cooperation in such areas as international financial supervision and regulation, fighting illicit finance, tax collection and law enforcement in the financial area, insurance consumer protection, and financial market infrastructure.

There have been four successful rounds of China-US Strategic and Economic Dialogues. As this dialogue mechanism grows more and more mature, it has assumed a bigger role and acquired greater influence and achieved 218 economic outcomes. The two sides have, in the context of the economic dialogue, taken one step after another to expand practical cooperation across the board and bring real benefits to the two peoples. China will work with the United States to enhance economic cooperation and inject fresh impetus into the effort to develop a new type of relations between these two major countries.

Thank you, friends from the press.