China, US highlight 'constructive' management of differences

Chinese Vice Premier Wang Yang (second from right), State Councilor Yang Jiechi(right), US Secretary of State John Kerry (second from left) and US Treasury Secretary Jack Lew (left) attend the news confrerence of the Sixth Round of China-US Strategic and Economic Dialogue at the Great Hall of the People in Beijing, capital of China, July 10, 2014. [Photo by Xu Jingxing/Asianewsphoto]

BEIJING -- Chinese and US officials agreed on "constructive" management of differences as the sixth Strategic and Economic Dialogue (S&ED) concluded in Beijing on Thursday.

"The success of this round of talks reaffirms that the two countries have the ability and wisdom to manage their contradictions and differences,"Chinese Vice Premier Wang Yang, one of the two Chinese co-chairs of the dialogue, said at the closing session.

Wang highlighted the economic dialogue that yielded over 90 items of agreement, laying the foundation for the meeting of the two presidents in November.

The two sides agreed to resolve core issues and major provisions of the Bilateral Investment Treaty (BIT) by the end of the year, and initiate negotiations on the "negative list", namely sectors and items barred to each other's investment, in early 2015.

The US promised to apply the same rules and standards when reviewing foreign investment projects, and to continue to review the procedure with China.

The two countries had constructive discussions on expanding WTO Information Technology Agreement (ITA) negotiations.

The US will encourage the export of civil high-technology products to China, and adjust its approval procedures for liquefied natural gas (LNG) exports.

China and US also agreed to reinforce cooperation in shadow banking, OTC derivatives, cross-border supervision and accounting standards, and the US promised to treat Chinese financial institutions as compliant.

US Treasury Secretary Jacob Lew, who co-chaired the dialogue, acknowledged the progress on a wide range of issues since the annual talks initiated in 2009.

"Today's S&ED commitments will further China's implementation of its reform agenda and will create new opportunities for both of our nations." Lew said.

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