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

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IV. International economic/financial institutions

The United States and China are committed to working together constructively and cooperatively, in this economic dialogue and the G20 as well as other multilateral institutions and fora. Both sides will continue to take steps to fully implement the consensus reached in the previous two G20 summits and will work together in the G20 to ensure that the Pittsburgh Leaders summit will deliver concrete, positive results. The United States supports China's continuation and strengthening of its exchange with the Paris Club and the Global Forum on Taxation.

The international financial institutions (IFIs) play an important role in ensuring sustainable global growth. The United States and China agree that to strengthen the effectiveness and legitimacy of the IFIs we must enhance their governance and ensure it fully reflects changes in the world economy. In this regard, emerging and developing economies, including China, should have greater voice and representation.

The United States and China agree to work together to reform international financial institutions in order to ensure they are responsive to the needs of developing countries, and strengthen their capacity to prevent and respond to future crises, including through improving their governance structure, enhancing their financial capacity and strengthening policy surveillance in the IMF's areas of core competency.

The United States and China support maintaining the IMF's central role in promoting global financial stability and growth. As two of the world's major economies, the United States and China share an interest in the IMF undertaking strong, even-handed and independent multilateral and bilateral surveillance.

The multilateral development banks (MDBs) need to have the right tools in place to help their members, especially the poorest, successfully promote sustainable poverty reduction and economic growth. MDB support should be based on a country-driven approach and include both financial and technical assistance to help build capacity for the attainment of Millennium Development Goals (MDGs).

The United States and China welcome the conclusion to the first Strategic and Economic Dialogue, and note the success of the Economic Track under the Dialogue led by Secretary Geithner and Vice Premier Wang. Both countries will continue to work together to build a positive, cooperative and comprehensive relationship for the 21st Century.

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