China, UK pledge to promote strong, balanced global growth
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The third China-UK Economic and Financial Dialogue concluded here Tuesday, with both sides coming out of it committed to a range of policies to return the world economy back to strong and sustainable growth
While addressing the press after the one-day dialogue, Chinese Vice Premier Wang Qishan, who hosted the talks, said both China and the UK agreed the world should "jointly promote strong, sustainable and balanced global growth."
According to the combined policy outcomes of the talks, both sides have recognized although the global economic recovery is underway, it remains uneven.
The two nations "pledged to continue implementing economic policies conducive to sustainable economic growth," while "the UK has committed to a clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plan," said the document.
China, for its part, is committed to speeding up transformation of its economic development pattern and further strengthening the "role of domestic demand" in boosting economic growth.
The upcoming Group of 20 (G20) summit in Republic of Korea (ROK)'s capital of Seoul was also highlighted in the bilateral discussion.
Strongly supporting the G20 as the major forum for their international economic cooperation, the two countries welcomed the ambitious agreement reached by the G20 Finance Ministers and Central Bank Governors at Gyeongju, ROK, to reform the IMF's quota and governance.
These reforms aim to help deliver a more "effective, credible and legitimate IMF, and enable the IMF to play its role in supporting the operation of the international monetary and financial system."
The policy outcomes also call for further bilateral ties in trade and investment, including high technology and infrastructure.
"The UK is already one of the most open economies in the world to trade and inward investment and welcomes more Chinese investment, including from sovereign wealth funds," said UK Chancellor of the Exchequer George Osborne who co-chaired the talks with Wang.
Both China and the UK said they would resist all forms of protectionism, and continue working together to further lower trade barriers and make efforts for a comprehensive and balanced conclusion to the Doha Development Round.
The UK also reaffirmed its support for China's full market economy status at as early a date as possible and will continue to play a constructive role to encourage EU recognition.
The two nations also vowed to drive forward the reforms of international financial regulation and supervisory standards, and to enhance transparency and accountability in the financial sector.
