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Full text: Chinese Outcome List of the Meeting Between the Chinese and U.S. Presidents in Hangzhou

Editor: zhenglimin 丨Xinhua

09-04-2016 18:32 BJT

Full coverage: G20 Hangzhou Summit

Full coverage: China’s Leaders

4. China and the United States remain committed to supporting an inclusive and resilient international economic architecture able to evolve with global realities, challenges and opportunities, including promoting comprehensive cooperation between the existing and new international financial institutions. China and the United States also share a commitment to upholding and further improving the high governance, environmental, and social standards of the existing international financial institutions, as well as in new and future institutions, consistent with the commitments made in September 2015. To this end:

-- China and the United States support a strong, quota-based and adequately resourced IMF at the center of the global financial safety net. China and the United States support maintaining the IMF's current lending capacity. China and the United States welcome that the 2010 IMF quota and governance reform have taken effect and are working towards the completion of the 15th General Review of Quotas by the 2017 Annual Meetings. China and the United States reaffirm that any realignment under the 15th review in quota shares is expected to result in increased shares for dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole.

-- The United States supports the IMF's decision to include the RMB into the SDR currency basket on October 1st. Both countries support examination of the broader use of the SDR and exploring initiatives in this regard, including through broader reporting of accounts and statistics in the SDR and the issuance of SDR-denominated bonds.

-- China and the United States reiterate the importance of collaborating on the World Bank's shareholding review according to the roadmap and timeframe agreed by the World Bank Board of Governors. The United States commends China for its increased pledge to the Asian Development Fund-12 replenishment. The United States welcomes China's intent to meaningfully increase its contributions to the replenishments of the International Development Association and the African Development Fund in 2016.

-- China and the United States are to work together to support economic development in developing countries with the help of international financial institutions.

-- China and the United States reaffirm the Paris Club's role as the principal international forum for restructuring official bilateral debt and its discussion of a range of sovereign debt issues, and affirm that the Paris Club should keep pace with the changing landscape of official financing, including by expanding its membership to include emerging creditors. China will continue to participate in the Paris Club on a regular basis and play a more constructive role, including further discussions on potential membership.

-- China and the United States support efforts to incorporate the enhanced contractual clauses into sovereign bonds.

-- China and the United States welcome the completion of peer review reports under the G20 on the fossil fuel subsidies of China and the United States, and applaud the positive impact of completed and expected reforms on efficient fossil fuel use and reducing emissions of greenhouse gases that cause climate change.

5. China and the United States affirm that innovation is a critical driver of economic development, job creation, and shared prosperity and that innovation plays a crucial role in developing solutions to domestic, global, and societal challenges. Furthermore, each side recognizes that the ability for China and the United States to trade, do business, and innovate together promotes prosperity for the people of our two nations and contributes to the growth of the global economy.

As partners in the pursuit of these common goals and in view of the increasing importance of China-U.S. collaboration to the bilateral relationship, China and the United States recognize the importance of building and supporting the proper legal, regulatory, and policy frameworks necessary for fostering a healthy innovation ecosystem featuring robust investment in basic science and research and development, strong involvement by enterprises, and transparent policy design and implementation in our respective policies. China and the United States commit that their innovation policies are to be consistent with the principle of non-discrimination. China and the United States affirm the importance of developing and protecting intellectual property, including trade secrets, and commit not to advance generally applicable policies or practices that require the transfer of intellectual property rights or technology as a condition of doing business in their respective markets.

-- Both sides recognize the importance of the government's role in promoting a level playing field for foreign and domestic companies, and the importance of open and competitive markets, including in determining pricing of products and services, to drive innovation.

-- China and the United States recognize that the effective and balanced protection of intellectual property rights will be beneficial to promote innovation. Both sides are to continue to communicate and exchange views on relevant policies, such as protecting innovators from bad faith litigations.

-- Both countries affirm that access to a full range of global products, services and technology solutions ordinarily promotes the innovativeness and competitiveness of commercial enterprises.

-- Recognizing the importance of an interconnected global digital infrastructure, the value of innovative technologies, and technology users' security concerns, the two sides, consistent with WTO agreements, commit that their respective generally-applicable information and communication technology (ICT) security-related measures in commercial sectors (1) should treat technology in a non-discriminatory manner, (2) are not to unnecessarily limit or prevent commercial sales opportunities for foreign suppliers of ICT products or services, and (3) should be narrowly tailored, take into account international norms, be nondiscriminatory, and not impose nationality-based conditions or restrictions, on the purchase, sale, or use of ICT products by commercial enterprises unnecessarily.

6. China and the United States recognize the significant progress of the ongoing Bilateral Investment Treaty (BIT) negotiation toward a high-standard treaty reflecting the shared objectives of non-discrimination, transparency, and open and liberalized investment regimes. The two sides have recently exchanged the third revised and significantly improved negative list offers and made further progress in all aspects of the negotiation. China and the United States commit to further intensify the negotiation with a view to concluding a mutually beneficial and high-standard treaty.

7. Both sides highly value the important role the China-U.S. Joint Commission on Commerce and Trade (JCCT) plays in promoting bilateral economic and trade relations and expanding the mutually beneficial cooperation and high-level policy discussion, and commit to continue holding communication and dialogue under the framework of JCCT on the issues of interest to both governments and our stakeholders, work hard to seek solutions that meet both sides' interests, and work together towards the success of the 27th JCCT.

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