Second China-UK Economic and Financial Dialogue reaches lots of consensus

Chinese Vice Premier Wang Qishan (L) and British Chancellor of the Exchequer Alistair Darling hold a press conference after the Second China-UK Economic and Financial Dialogue in London, Britain, May 11, 2009.

LONDON, May 11 -- Chinese Vice-Premier Wang Qishan and Britain's Chancellor Darling jointly held the Second China-UK Economic and Financial Dialogue here Monday and reached lots of consensus.

Under the theme of "supporting sustainable growth through enhanced China-UK cooperation," the two sides had an in-depth discussion of topics ranging from supporting economic growth and social welfare, promoting financial stability and capital market development, enhancing energy and environmental cooperation to support green growth, and strengthening trade and investment cooperation.

Wang said that in recent years the political mutual trust between China and the UK has been further strengthened. The two sides supported each other in such key international issues as the preparations for G20 London Summit. Cooperation in various sectors has been gradually enhanced and common interests of the two sides have also been increased.

He said that the relation between China and the UK has stood at a new historical start point. At current situation, to strengthen the dialogue and cooperation between China and the UK not only is in line with the basic interest of the two countries but also is helpful for raising the confidence of the international community to overcome difficulties.

Wang emphasized that the success of the second dialogue has fully proved the China-UK Economic and Financial Dialogue jointly established by the leaders of the two countries is fruitful. China is willing to further exert the functions of the dialogue together with the UK, strengthen the dialogue and communication, enhance economic and financial cooperation, push forward the comprehensive strategic partnership.

Chancellor Darling thought high of the constructive role played by China in carrying out the consensus reached at the G20 London Summit. He pointed out that China has been playing an important role in dealing with the international financial crisis, reforming the global financial system and reflecting the current world situation.

Darling said that it is particularly important for the UK and China to join hands. At this dialogue, the two sides have reached a lot of important consensus in the sectors of finance, trade, investment, energy and environment. The British side is expecting to have a close cooperation with the Chinese side to play an active role in the global financial issues and push forward the bilateral relation through joint efforts.

With common efforts, the two sides have reached the following important consensus.

1. The two sides expressed commitment to working with the international community to follow up on the consensus reached at the G20 London Summit and adopt all necessary measures to restore market confidence and promote global economic growth.

2. The two sides called for working out explicit time frame and roadmap for the reform of the international financial system, increasing the voice and representation of developing countries in the international financial system.

3. The two sides pledged to jointly promote efforts to achieve Millennium Development Goals set by the UN.

4. The two sides agreed to strengthen the communication and cooperation in financial supervision and financial services between the two countries, pay high attention to financial stability and continue to boost the reform of the financial supervision.

5. The two sides expressed readiness to expand cooperation and technology transfer in energy efficiency, the development and application of new energies, the development and construction of nuclear energy and offshore wind power, and the policies of renewable energy.

6. The two sides agreed to strengthen cooperation on trade in services and technology and expand bilateral trade in aerospace, environmental protection, biological technology, pharmaceuticals, electronics and advanced engineering. With a view of reaching the target of 60 billion U.S. dollars in bilateral trade by 2010, the two sides agreed to enhance cooperation in innovation and technical projects.

7. The two sides were firmly opposed to trade protectionism and committed to lock in the consensus and outcomes achieved so far in the Doha round negotiations, to achieve a comprehensive and balanced conclusion of the Doha Round.

8. The British side reaffirmed its support for China's full market economy status and committed to play a constructive role to encourage EU recognition of China's full market economy status at as early a date as possible.

Chinese officials who attended the Second China-UK Economic and Financial Dialogue are from the Ministry of Finance, the Ministry of Foreign Affairs, the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China, China Banking Regulatory Commission, China Security Regulatory Commission and China Insurance Regulatory Commission. And British officials who attended the dialogue are from HM Treasury, the Department for Business, Enterprise and Regulatory Reform, the Department for Energy and Climate Change, the Department for Work and Pension, the Department for International Development, Financial Services Authority and Bank of England.

After the dialogue was closed, Wang Qishan and Darling held a joint press conference.