China And The United States Will Build A Comprehensive And Mutually Beneficial Economic Partnership

The joint statement said President Hu Jintao and President Obama recognized that joint efforts to build a mutually beneficial and win-win economic partnership are extremely important to the two countries and the world economy.

To promote strong, sustainable and balanced growth of the two countries and the world economy, the two sides agreed to strengthen macroeconomic policy communication and cooperation:

1, the United States will focus on reducing the medium-term federal deficit, ensuring long-term fiscal sustainability and vigilance against excessive fluctuations in exchange rates.

The Fed has taken important steps in recent years to enhance its clarity of future vision and long-term goals.

2, China will continue to intensify its efforts to expand domestic demand, promote private investment in the service sector, and give greater play to the fundamental role of the market in resource allocation.

China will continue to push forward the reform of the RMB exchange rate formation mechanism, enhance the flexibility of RMB exchange rate and change the mode of economic development.

3, the two sides agreed to continue to implement forward-looking monetary policy and pay attention to its impact on the international economy.

The two countries support the efforts made by European leaders to enhance market stability and promote sustainable long-term growth.

The two sides recognized the importance of open trade and investment in promoting economic growth, creating employment, innovation and prosperity. They reiterated that they would take further measures to promote global trade and investment liberalization and oppose trade and investment protectionism.

The two sides also agreed to actively resolve bilateral trade and investment disputes in a constructive, cooperative and mutually beneficial manner.