Washington, D.C. (May 10, 2011) – As special representatives of President Barack Obama and President Hu Jintao, U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan concluded the meeting of the Economic Track in the third U.S.-China Strategic & Economic Dialogue in Washington Tuesday.
They were joined by a high-level delegation of Cabinet members, agency heads, and senior officials from both countries.
The two countries reaffirmed the important commitments pledged by both countries during the state visit of President Hu to the United States in January 2011, as well as in previous Strategic and Economic Dialogues. The two countries released a “Comprehensive Framework for Promoting Strong, Sustainable and Balanced Growth & Economic Cooperation,” as they committed to do in January, to elaborate principles for their work towards building a comprehensive and mutually beneficial economic partnership.
In keeping with the principles set out in the Framework, the two countries announced further concrete measures, to be implemented through existing mechanisms, to promote strong, sustainable, and balanced growth; strengthen financial systems; and enhance trade and investment cooperation.
The United States and China affirm that both countries will, based on common interest, promote more extensive economic cooperation, from a strategic, long-term, and overarching perspective, to work together to build a comprehensive and mutually beneficial economic partnership, add to prosperity and welfare in the two countries, and achieve strong, sustainable, and balanced growth of the world economy.
The framework for comprehensive economic cooperation is based on the national interest of each country in strong, sustainable, and balanced economic growth and continued growth in employment. At the same time, the U.S.-China economic relationship is based on a wide range of common and overlapping interests. Each country recognizes that the health and continued growth of the other’s economy is indispensible to its own prosperity.
As the two largest economies in the world, economic outcomes and policy actions in the United States and China have a significant impact on the health of the global economy. The United States and China recognize and take into account the impact their policies have on the global economy, and cooperate to strengthen the international trade and financial institutions that support global growth and stability.
As a part of expanded, closer, and more extensive economic cooperation, China and the United States are increasing the extent of their consultation on policy actions that affect the interests of the other country.
The implementation of the U.S.-China Framework relies on existing mechanisms of dialogue and cooperation. The two countries reaffirm their pledge to implement commitments as set forth in the S&ED Economic Track Joint Fact Sheets.
Participants in the Economic Track of the Third Strategic and Economic Dialogue included:
U.S. Participants: Timothy F. Geithner, Secretary of the Treasury; Thomas Vilsack, Secretary of Agriculture; Gary F. Locke, Secretary of Commerce; Hilda L. Solis, Secretary of Labor; Steven Chu, Secretary of Energy; Jacob J. Lew, Director of the Office of Management and Budget; Ronald Kirk, U.S. Trade Representative; Austen Goolsbee, Chair, Council of Economic Advisors; John P. Holdren, Director, Office of Science & Technology Policy; Gene Sperling, Director of the National Economic Council; Ron Bloom, Assistant to the President for Manufacturing Policy; Ben Bernanke, Chairman of the Federal Reserve; Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation; Mary Schapiro, Chairman of the Securities and Exchange Commission; Gary Gensler, Chairman of Commodity and Futures Trading Commission; Fred P. Hochberg, President of the U.S. Export-Import Bank; Leocadia Zak, Director, U.S. Trade & Development Agency; Lael Brainard, Department of Treasury, Under Secretary for International Affairs; Demetrios Marantis, Deputy United States Trade Representative; Robert Hormats, Department of State, Under Secretary for Economic, Energy, and Agricultural Affairs; Francisco Sanchez, Department of Commerce, Under Secretary for International Trade; Eric Hirschhorn, Department of Commerce, Under Secretary, Bureau of Industry and Security; Sandra Polaski, Deputy Under Secretary, Department of Labor; Charles Collyns, Department of Treasury, Assistant Secretary for International Finance; David Sandalow, Department of Energy, Assistant Secretary for International Affairs; Mike Froman, Deputy National Security Advisor for International Economic Affairs; David Lipton, Special Assistant to the President and Senior Director for International Economic Affairs, NSC; Chris Ledoux, Federal Insurance Office, Acting Director; and Susan Voss, Iowa State Insurance Commissioner.
Chinese Participants: Vice Premier Wang Qishan; Minister of Finance Xie Xuren; Minister of Science and Technology Wan Gang; Minister of Commerce Chen Deming; Governor of the People’s Bank of China Zhou Xiaochuan; Chairman of the China Banking Regulatory Commission Liu Mingkang; Chairman of the China Securities Regulatory Commission Shang Fulin; Chairman of the China Insurance Regulatory Commission Wu Dingfu; Chinese Ambassador to the United States Zhang Yesui; Vice Secretary General of State Council Bi Jingquan; Vice Minister of Foreign Affairs Cui Tiankai; Vice Chairman of the National Development and Reform Commission Zhang Xiaoqiang; Vice Chairman of the National Development and Reform Commission Liu Tienan; Vice Minister of Finance Zhu Guangyao; Vice Minister of Human Resources and Social Security Wang Xiaochu; Vice Minister of Railways Wang Zhiguo; Vice Minister of Agriculture Niu Dun; Vice Minister of Health Yin Li; Deputy Governor of the People’s Bank of China Yi Gang; Vice Chairman of the State-owned Assets Supervision and Administration Commission Huang Shuhe; Chief Engineer of the Ministry of Industry and Information Technology Zhu Hongren; and Director-General of the Department of Secretary and Administration of State Council Legislative Affairs Office Hu Keming.