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Backgrounder: Results of 3rd China-U.S. Strategic Economic Dialogue
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17:51, December 13, 2007

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· The third China-U.S. Strategic Economic Dialogue (SED)
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The following are the results of the 3rd China-U.S. Strategic Economic Dialogue closed on Thursday afternoon:

In food safety:

-- Both sides commit to expand their dialogue and information-sharing to enhance the infrastructure of laws, policies, programs and incentives that allow for effective government oversight of exports of food, drugs, medical products, and consumer goods.

-- Four memorandums and agreements have been signed involving eight areas including food and feed, drugs and medical products, environmentally compliant exports/imports, food safety, alcohol and tobacco products, toys, fireworks, lighters, electrical products, motor vehicle safety, and pesticides tolerance and trade.

In financial services:

-- China Securities Regulatory Commission will conduct a careful assessment on foreign participation in China's securities firms and its influence on China's securities market and based on the results of its assessment, will make a policy recommendation on the issue of adjusting foreign equity participation in China's securities firms.

-- The China Banking Regulatory Commission (CBRC) is to complete an ongoing scientific study of foreign participation in China's banking sector by Dec. 31, 2008. By that time, based on the policy assessment's conclusions, the CBRC will make policy recommendations on foreign equity participation.

-- China agrees to allow, in accordance with relevant prudential regulations, qualified foreign-invested companies, including banks, to issue RMB denominated stocks; qualified listed companies to issue RMB denominated corporate bonds; and qualified incorporated foreign banks to issue RMB denominated financial bonds.

-- The U.S. government remains committed to apply national treatment to Chinese banks, Chinese broker-dealers and investment advisers seeking to register and operate in the United States.

-- China Banking Regulatory Commission (CBRC) and the U.S. Securities and Exchange Commission (SEC) have agreed in principle that the signing of an exchange of letters will be done in the near future on information sharing in connection with the cross border activity of financial institutions licensed by either the CBRC or SEC.

In energy and the environment:

--Both sides signed a memorandum of understanding strengthening cooperation in the area of biomass resources conversion for fuel, and negotiated a memorandum of understanding to cooperate on combating illegal logging and associated trade in order to promote sustainable forest management.

-- China will develop and implement a nationwide program on SO2 emission trading in the power sector, and the U.S. will provide technical assistance for this program, as well as for basic water management programs and for adopting clean fuels and vehicle policies.

-- Both sides reaffirm their commitment "to reduce, or as appropriate, eliminate tariffs and non-tariff barriers to environmental goods and services" in the WTO.

In transparency:

--When possible, each country will publish in advance any measure covered by its WTO obligations that are proposed for adoption, and provide where applicable interested persons a reasonable opportunity to comment on such proposed measures.

--Each country may comply with this obligation by regularly publishing such proposed measures in its designated official journal or by posting and permanently maintaining these measures on an official website;

-- Publish in its designated official journal any final measure covered by its WTO obligations before implementation or enforcement.

In rebalancing growth:

--Both countries commit to communicate on measures to address U.S.-China economic imbalances through dialogue and consultation, including discussions under the U.S.-China Joint Economic Committee.

--Both sides agree to put great emphasis on opposing trade and investment protectionism. The United States and China welcome efforts both in the U.S. and internationally to assess the challenges created by the recent turbulence in the U.S. sub-prime market and in other global financial markets.

--The two countries agree to continue communication and information sharing in a timely manner on systemically significant economic and financial developments. Financial supervisory agencies in both countries agree to continue exchanges on supervisory measures.

- In innovation, the two sides agreed to sustain dialogue, jointly host public-private innovation discussions, and other cooperation as outlined in the 3rd Strategic Economic Dialogue Innovation Conference Outcomes document.

Source: Xinhua

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