China, US Hold 15th Session of Joint Economic Committee

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Last updated at: (Beijing Time) Tuesday, September 10, 2002

China, US Hold 15th Session of Joint Economic Committee

China and the United States said Monday that strong economic performance and reduced vulnerabilities in both the US and China are vital for sustaining the global recovery that is underway.

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China and the United States said Monday that strong economic performance and reduced vulnerabilities in both the US and China are vital for sustaining the global recovery that is underway.

In a joint statement issued at the end of the 15th session of the China-US Joint Economic Committee (JEC), both sides noted thatprospects for the global economy have improved since the last JEC session in 2001.

Chinese Finance Minister Xiang Huaicheng and US Secretary of Finance Paul H. O'Neill attended the one-day session. They reviewed achievements in the economic relations between the two countries in the past year and discussed future economic cooperation.

The US side emphasized that fiscal and monetary policies are inplace to support the US economic expansion, including a corporate responsibility act to punish corporate fraud and protect investors' rights.

The Chinese side explained the economic situation in China and stressed that accelerating economic restructuring in China and integration with the global economy are fundamental for sustained macro-economic success.

The joint statement said that both sides recognized that the important contributions an open, transparent financial sector can make to economic growth and productivity.

The Chinese side outlined the financial service liberalization efforts currently underway in line with China's WTO commitments.

China and the US pledged to reinvigorate efforts to combat financing of terrorism and money laundering, including improving international cooperation and placing greater focus on financing mechanisms outside the mainstream financial system.

The Chinese minister also met with Chairman of the US Federal Reserve Allen Greenspan this afternoon.

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