2015-09-29 11:39



  II. Bilateral Practical Cooperation


  3. China and the United States recognize their shared interest in promoting a strong and open global economy, inclusive growth and sustainable development, and a stable international financial system, supported by the multilateral economic institutions founded at the end of World War II that have benefited the peoples of both nations. Both countries recognize and value the substantial contributions that the international financial institutions have made to global growth, higher incomes, the alleviation of poverty, and the maintenance of financial stability since their establishment. The rules-based international economic system has helped to propel China's unprecedented economic growth over the past 35 years, lifting hundreds of millions of people out of poverty. The United States has also benefited from the emergence of a global middle class that, by 2030, is projected to include more than 3 billion consumers in Asia alone. U.S. exports of goods and services supported approximately 12 million jobs in the United States in 2014. China has a strong stake in the maintenance and further strengthening and modernization of global financial institutions, and the United States welcomes China's growing contributions to financing development and infrastructure in Asia and beyond. The international financial architecture has evolved over time to meet the changing scale, scope, and diversity of challenges and to include new institutions as they incorporate its core principles of high standards and good governance. Both countries are committed to supporting this international architecture and welcome the greater role of the G20 in global economic governance to ensure an inclusive, resilient, and constantly improving international economic architecture to meet challenges now and in the future. In light of China's increased share of global economic activity and increased capacity, the United States welcomes China playing a more active role in and taking on due responsibility for the international financial architecture, as well as expanded bilateral cooperation to address global economic challenges. To this end:


  (1) China and the United States commit to strengthening and modernizing the multilateral development financing system. Both countries resolve to further strengthen the World Bank, Asian Development Bank, African Development Bank and Inter-American Development Bank by enhancing their financial capacity, reforming their governance, and improving their effectiveness and efficiency. Consistent with its development, in addition to being a shareholder and borrower, China intends to meaningfully increase its role as a donor in all these institutions. Both sides acknowledge that for new and future institutions to be significant contributors to the international financial architecture, these institutions, like the existing international financial institutions, are to be properly structured and operated in line with the principles of professionalism, transparency, efficiency, and effectiveness, and with the existing high environmental and governance standards, recognizing that these standards continuously evolve and improve.


  (2) China and the United States reaffirm the importance of the MDBs in meeting the needs of the poorest countries through robust financial contributions to the International Development Association, Asian Development Fund, and African Development Fund. China is to meaningfully increase its contributions to the MDB concessional windows, consistent with its capacity. Both countries commit that the MDBs should continue to explore options to increase their lending capacity, including through using existing resources, and regularly reviewing their capital with an assessment of whether a capital increase is warranted. Both countries commit to continued efforts on MDB balance sheet optimization. China and the United States commit to collaborate on the World Bank shareholding review roadmap, including development of a shareholding formula and review of the World Bank's capital needs in 2017. Both sides also recognize that the middle income countries still face challenges in alleviating poverty and that the MDBs have a role in addressing those specific needs.


  (3) China and the United States commit to strengthen their cooperation in the International Monetary Fund (IMF), and continue to improve the IMF's quota and governance structure. The United States commits to implement the 2010 IMF quota and governance reforms as soon as possible and reaffirms that the distribution of quotas should continue to shift toward dynamic emerging markets and developing countries to better reflect the relative weight of IMF members in the world economy. China and the United States affirm the efforts of the IMF Executive Board to pursue an interim solution, which aims to converge quota shares to the extent possible to the levels decided under the 14th Review. However, the interim solution should not constitute or be seen in any way as a substitute for the 2010 reforms. China and the United States are to support the Executive Board's work on the 15th Review of Quotas, including a new quota formula, using the 14th Review as a basis.


  (4) China and the United States commit to development finance cooperation in a third country through the multilateral development banks, respecting the ownership of the recipient countries.


  (5) The United States welcomes China's commitment to release economic data following the IMF's Special Data Dissemination Standards (SDDS) by the end of the year and welcomes China's continued efforts to enhance transparency. China recognizes the importance to successful RMB internationalization of meeting the transparency standards of other major reserve currencies. The United States supports China's commitment to implement further financial and capital market reforms, and accordingly the United States reiterates its support for the inclusion of the RMB in the SDR basket provided the currency meets the IMF's existing criteria in its SDR review. Both countries commit to respect the IMF's procedures and process in the SDR review, and to enhance their communication on this issue.


  (6) China and the United States look forward to continuing to discuss mechanisms to facilitate renminbi trading and clearing in the United States.


  (7) China and the United States welcome the important progress that has been made in the negotiation of new international guidelines on officially supported export credits since the establishment of the International Working Group on Export Credits (IWG) through a joint high level commitment in 2012. China and the United States reaffirm their support for IWG guideline coverage of official export credit support provided by or on behalf of a government, including, but not limited to, official export credit support provided by official export credit policy financial institutions, and look forward to further discussing the scope of the guideline coverage at the next IWG meetings in October. China and the United States reaffirm that the guidelines should help ensure that governments complement commercial export financing, while promoting international trade.

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