Washington D.C., 10 May 2011

Dear friends from the press,

Under the guidance of President Hu Jintao and President Barack Obama and thanks to the concerted efforts of both sides, the third round of China-US Strategic and Economic Dialogues (S&EDs) has been a great success.

The central task of the economic dialogue this time is to follow through on the important agreement reached between the two presidents during President Hu Jintao's visit to the United States last January and advance the comprehensive and mutually-beneficial economic partnership between our two countries. The two sides had in-depth discussions on the overarching, strategic and long-term issues in their economic cooperation, and reached many win-win outcomes. Particularly, Secretary Geithner and I signed the China-US Comprehensive Framework for Promoting Strong, Sustainable and Balanced Growth and Economic Cooperation, making it clear that our two countries will engage in expanded, closer and more extensive economic cooperation.

The two sides agreed that in today's extremely complex economic environment, China and the United States should further strengthen macro-economic policy communication and coordination and work for steady and sound economic growth in both countries. We discussed the implications of the European sovereign debt crisis, the earthquake-triggered nuclear leak in Japan and the turbulences in the Middle East for the world economy. We underscored the importance of enhanced cooperation of the international community in securing strong and sustainable recovery of the world economy, effectively advancing the reform of global economic governance structure and gradually putting in place a fair and reasonable international economic order. In the course of transforming economic development patterns and economic restructuring, both sides agreed to leverage their respective strengths and strengthen cooperation on railway, power grids and other infrastructure projects and in such fields as clean energy, green economy, science and technological innovation. We agreed to expand exchanges and collaboration between local governments, enterprises and at other levels.

Both sides stressed their commitment to a more open trade and investment system. The United States pledged to accord fair treatment to China in its export control regime reform, relax high-tech export control vis-à-vis China, and consult through the China-US Joint Commission on Commerce and Trade (JCCT) in a cooperative manner to work towards China's market economy status in an expeditious and comprehensive way. The two sides would continue to advance the negotiations of a bilateral investment treaty and step up cooperation on intellectual property rights protection, product quality and food safety. The two sides would work together to move forward the Doha Round negotiations and oppose trade and investment protectionism.

The economic dialogue this time also saw in-depth discussions on financial cooperation. We agreed to strengthen information-sharing and cooperation in regulating systemically important financial institutions, shadow banking and credit rating agencies, reforming remunerations policy and combating illegal financing. We would jointly advance the reform of international financial architecture. The US side welcomed investment by Chinese financial institutions in the US and recognized China's notable progress in capital adequacy ratio, comprehensive consolidated supervision and other regulatory aspects. The US side was committed to continued strong supervision over its government-sponsored enterprises (GSEs) to ensure their capital adequacy in fulfilling financial obligations.

Knowing oneself and also one's partner is an important prerequisite for good cooperation. The economic dialogue this time helped deepen understanding and expand consensus between our two sides and produced rich fruits. It will give strong impetus to the growth of the China-US cooperative partnership based on mutual respect and mutual benefit.

Thank you!