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Full Text: The First US-China Strategic and Economic Dialogue Economic Track Joint Fact Sheet

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III. Trade and investment

The United States and China are among the beneficiaries of and participants in the global trading system. Both countries are committed to work for a more open global trade and investment system and jointly fight protectionism.

The United States and China agree to call upon all other WTO members to work together for an ambitious and balanced conclusion to the Doha Development Agenda in 2010, consistent with its mandate, building on the progress already made, including with regard to modalities. Both sides re-affirm that, at a time of economic uncertainty, the ongoing bilateral investment treaty (BIT) negotiations, could contribute to the implementation of G-20 Summit commitments to an open global economy.

To promote trade and investment, China will further decentralize approval authority and streamline approval procedures for foreign investment, including by increasing over time the threshold for central government review. China agrees to commit itself to the implementation of the Generally Accepted Principles and Practices governing Sovereign Wealth Funds.

In addition, the United States confirms that the Committee on Foreign Investment in the United States (CFIUS) process ensures the consistent and fair treatment of all foreign investment without prejudice to the place of origin. The US reaffirms its commitment to the open and non-discriminatory principles for recipients of sovereign wealth fund investment as identified by the Organization for Economic Cooperation and Development. The United States also recognizes the continued progress China has made in its market reforms and will earnestly consider China's concerns, and will consult through the JCCT in a cooperative manner to work toward China's Market Economy Status in an expeditious manner. The United States and China agree to accelerate the implementation of "Guidelines for China-US High Technology and Strategic Trade Development" and expeditiously formulate the Action Plan on Expansion of China-US High Technology and Strategic Trade Cooperation in Priority Sectors.

The United States and China recognize the importance of non-discriminatory government procurement policies. To that end, the US and China agree to strengthen their cooperation in order to accelerate China's accession to the WTO Government Procurement Agreement (GPA). This will include China's submission, to the WTO Government Procurement Committee before the Committee's October 2009 meeting, of a report that sets out the improvements that China will make in its revised offer. Moreover, China commits to treat, under its Government Procurement Law, products produced in China by foreign invested enterprises the same as products produced in China by Chinese enterprises. The United States confirms that products produced in the United States by an enterprise established in the United States are treated under its procurement regulations as domestic products regardless of the ownership of the enterprise.

Both sides also recognize the importance of trade financing for accelerating sustainable economic growth and the Export-Import Banks of the two countries will continue cooperation in this area. The two countries will strengthen their cooperation on anti-money laundering and countering the financing of terrorism, including counterfeiting.

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