22. President Hu and President Obama recognized the vital importance of working together to build a cooperative economic partnership of mutual respect and mutual benefit to both countries and to the global economy. The two leaders agreed to promote comprehensive economic cooperation, and will further develop a framework of comprehensive economic cooperation, relying on existing mechanisms, by the third round of the S&ED in May, based on the main elements outlined below:
23. The two sides agreed to strengthen macroeconomic communication and cooperation, in support of strong, sustainable and balanced growth in the United States, China and the global economy.
-- The United States will focus on reducing its medium-term federal deficit and ensuring long-term fiscal sustainability, and will maintain vigilance against excess volatility in exchange rates. The Federal Reserve has taken important steps in recent years to increase the clarity of its communications regarding its outlook and longer-run objectives.-- China will intensify efforts to expand domestic demand, to promote private investment in the service sector, and to give greater play to the fundamental role of the market in resource allocation. China will continue to promote RMB exchange rate reform, enhance RMB exchange rate flexibility, and promote the transformation of its economic development model.-- Both sides agree to continue to pursue forward-looking monetary policies with due regards to the ramifications of those policies for the international economy.
The two sides affirmed support for efforts by European leaders to reinforce market stability and promote sustainable, long-term growth.
24. The two countries, recognizing the importance of open trade and investment in fostering economic growth, job creation, innovation, and prosperity, affirmed their commitment to take further steps to liberalize global trade and investment, and to oppose trade and investment protectionism. The two sides also agreed to work proactively to resolve bilateral trade and investment disputes in a constructive, cooperative, and mutually beneficial manner.
25. The two leaders emphasized their strong commitment to direct their negotiators to engage in across-the-board negotiations to promptly bring the WTO Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion, consistent with the mandate of the Doha Development Round and built on the progress already achieved. The two sides agreed that engagement between our representatives must intensify and expand in order to complete the end game.
26. The two leaders agreed on the importance of achieving a more balanced trade relationship, and spoke highly of the progress made on this front, including at the recent 21st Meeting of the Joint Commission on Commerce and Trade in Washington, D.C.
27. China will continue to strengthen its efforts to protect IPR, including by conducting audits to ensure that government agencies at all levels use legitimate software and by publishing the auditing results as required by China's law. China will not link its innovation policies to the provision of government procurement preferences. The United States welcomed China's agreement to submit a robust, second revised offer to the WTO Government Procurement Committee before the Committee's final meeting in 2011, which will include sub-central entities.