China, US vow to advance ties, expand cooperation on global issues

• Source: Xinhua
• [19:08 November 17 2009]
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ECONOMY

The United States and China, the world's first and third largest economies, have pledged to rebalance each other's economy and move in tandem on forward-looking monetary polices for a strong and durable global economic recovery, said the statement .

"China will continue to implement the policies to adjust economic structure, raise household incomes, expand domestic demand to increase contribution of consumption to GDP growth and reform its social security system," said the statement.

The United States, in return, will take measures to increase national saving as a share of GDP and promote sustainable non-inflationary growth.

"To achieve this, the United States is committed to returning the federal budget deficit to a sustainable path and pursuing measures to encourage private saving," it said.

Recognizing the importance of open trade and investment to their domestic and the global economies, the two are committed to jointly fighting protectionism in all its manifestations.

The statement said that both sides commended the important role of the three G20 summits in tackling the global financial crisis, and were committed to working with other members of the G20 to enhance the G20's effectiveness as the premier forum for international economic cooperation.

CLIMATE CHANGE

China and the United States are committed to working together and with other countries for a successful outcome at the Copenhagen summit next month, said the joint statement.

The two sides has held a constructive and productive dialogue on the issue and maintained that international cooperation is indispensible in dealing with climate change, which poses one of the greatest challenge of the time, the statement said.

Both sides concede that "the transition to a green and low-carbon economy is essential" and the clean energy industry will provide vast opportunities for citizens of both countries in the years ahead, said the statement.

Regarding the upcoming Copenhagen summit, the two countries expressed their willingness to strive for an agreed outcome based on the principle of common but differentiated responsibilities and respective capabilities.

The two countries also agreed that the outcome should include the emission reduction targets of developed countries and nationally appropriate mitigation actions of developing countries, adding that it should also substantially scale up financial assistance to developing countries, promote technology development, dissemination and transfer, and  pay particular attention to the needs of the poorest and most vulnerable countries to adapt to climate change.