Expanding economic, financial cooperation

The two countries pledged to expand economic and financial cooperation amid the world's worst economic recession in decades.

In the press release, the world's biggest developing and developed countries said the "Economic Track" of the S&ED had "enhanced bilateral communications, and our mutual understanding and trust."

Their cooperation on economic and financial issues was "important to the health of the world economy," the statement said.

They will "respectively take measures to promote balanced and sustainable economic growth in our domestic economies to ensure a strong recovery from the international financial crisis," including measures to increase savings in the United States and the contribution of consumption to GDP growth in China.

Both sides also vowed to work together to "build a sound financial system, and improve financial regulation and supervision."

They reaffirmed a commitment to "more open trade and investment and to fighting protectionism to promote economic growth, job creation and innovation."

"Both sides pledged to cooperate on reforming and strengthening international financial institutions to increase the voice and representation of emerging and developing economies, including China, to ensure adequate financing for development and to respond to future crises," the statement added.

Stepped up efforts to address global threats

The two countries said they faced common challenges and shared common interests in combating global climate change, developing clean and efficient energy, environmental protection and energy security.

The two sides negotiated a Memorandum of Understanding (MOU) to Enhance Cooperation on Climate Change, Energy and the Environment, led by the Department of State and Department of Energy in the United States and the National Development and Reform Commission in China.

The MOU aims to promote discussion on domestic strategies and policies for addressing climate change, practical solutions for pursuing the transition to low-carbon economies and successful international negotiations on climate change.

The two sides said they were committed to the full, effective and sustained implementation of the United Nations Framework Convention on Climate Change and to achieving a successful outcome in Copenhagen at the end of this year. The statement also calls for the Framework for 10-Year Cooperation on Energy and Environment (TYF) signed in December 2008, to be carried out.

On the issue of pandemic and infectious disease outbreaks, the two sides expressed their willingness to continue collaboration.