Economic Cooperation and Global Recovery
The two sides are determined to work together to achieve moresustainable and balanced global economic growth. To that end, the twosides noted that their forceful and timely policy responses helped stemthe decline in global output and stabilized financial markets. The twosides agreed to sustain measures to ensure a strong and durable globaleconomic recovery and financial system. The two sides reiterated thatthey will continue to strengthen dialogue and cooperation onmacro-economic policies. The two sides pledge to honor all commitmentsmade at the inaugural meeting of the Strategic and Economic Dialogue,the G-20 summits, and APEC in Singapore.
The two sides commended the important role of the three G-20 summitsin tackling the global financial crisis, and committed to work withother members of the G-20 to enhance the G-20's effectiveness as thepremier forum for international economic cooperation. The two sidesagreed to work together, including through a cooperative process onmutual assessment to make the G-20 Framework for Strong, Sustainableand Balanced Growth a success. The two sides welcomed recentagreements by the G-20 to ensure that the International FinancialInstitutions (IFIs) have sufficient resources and to reform theirgovernance structures in order to improve IFIs credibility, legitimacyand effectiveness. The two sides stressed the need to follow throughon the quantified targets for the reform of quota and voting shares ofIFIs as soon as possible, increasing the voice and representation ofemerging markets and developing countries in these institutionsconsistent with the Pittsburgh Summit Leaders Statement. They alsoagreed to work together to strengthen the capacity of theseinstitutions to prevent and respond to future crises.
The two sides will further enhance communication and the exchange ofinformation regarding macro-economic policy, and work together topursue policies of adjusting domestic demand and relative prices tolead to more sustainable and balanced trade and growth. China willcontinue to implement the policies to adjust economic structure, raisehousehold incomes, expand domestic demand to increase contribution ofconsumption to GDP growth and reform its social security system. TheUnited States will take measures to increase national saving as a shareof GDP and promote sustainable non-inflationary growth. To achievethis, the United States is committed to returning the federal budgetdeficit to a sustainable path and pursuing measures to encourageprivate saving. Both sides will also pursue forward-looking monetarypolicies with due regard for the ramifications of those policies forthe international economy.
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