Xi-Obama summit opens new chapter in trans-Pacific co-op(3)

JOINT EFFORTS ON TRADE, CLIMATE CHANGE AND CYBER SECURITY

The two leader agreed to maintain coordination and cooperation under the frameworks like the Group of 20, the Asia Pacific Economic Cooperation (APEC) forum, improve global economic governance, and jointly promote the strong, sustainable and balanced growth of global economy.

They vowed to exert the functions of existing mechanisms such as the China-US Strategic and Economic Dialogue, China-US Joint Commission on Commerce and Trade, and the China-U.S. Governors Forum to enhance policy coordination and pragmatic cooperation, said Yang.

Both sides hailed the recently-held 9th round of negotiations on a bilateral investment accord and agreed to create fair, transparent and stable policy frameworks for mutual investment. The Chinese side hopes that Washington will provide a fair environment for Chinese enterprises investing in the United States. They also agreed to expand trade and economic ties at local levels.

On trade frictions, both leaders agreed that dialogue and cooperation should serve as the way to handle such issues.

Yang also said the two leaders also agreed to work closely to address climate change and reduce the production and consumption of hydrofluorocarbons (HFCs).

The two sides agreed to bolster coordination and pragmatic cooperation on climate change via the bilateral working group on the issue, Yang said.

They also vowed to work with other nations via multilateral mechanisms, including using expertise and institutions of the Montreal Protocol, to gradually reduce the production and consumption of HFCs and continue to include HFCs within the boundary of the related emission reports and calculation clauses of the Kyoto Protocol and the UN Framework Convention on Climate Change.

According to Yang, during the summit, the Chinese side said that China opposes hacker or cyber attack in all forms, and is itself a victim.

China and the United States face common challenges when it comes to the issue of cyber security, which should be a new highlight of bilateral cooperation instead of a source of suspicion and friction.