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China, US Issue Joint Statement

The United States and China issued a joint statement Thursday on economic and financial issues after a Joint Economic Committee meeting in Washington.

China reaffirmed its commitment to working toward a market-based flexible exchange rate and the US expressed support for China's endeavor to join the Inter-American Development Bank, said the statement.
"The Chinese affirmed that they would continue to implement market-oriented reforms to promote sustainable and long-term growth in China," said the statement.
The US side described the strong US economic recovery brought about by timely fiscal and monetary policy measures, it added.
Both sides emphasized the importance of the Doha round of multilateral negotiations of the World Trade Organization (WTO), and promised their full efforts to bring the round to a successful conclusion, said the statement.

The Doha round, launched in 2001, had been in trouble since the talks in Cancun, Mexico, collapsed almost a year ago over disputes in farm subsidies.
Delegates from the two country's finance and foreign ministries, central banks and securities regulatory agencies attended the 16th Session of the China-US Joint Economic Committee, a forum first held in 1980.
They discussed macroeconomic policy, financial sector issues and efforts to combat terrorist financing and money laundering.
Both sides pledged to continue their cooperation to counter the financing of terrorism and money laundering on a global basis, and highly valued the important role of the Financial Action Task Force (FATF).
"The United States welcomed China's intent to participate in the inaugural meeting of the Eurasian FATF-style regional body on money laundering in October," said the statement.
"China affirmed its willingness to be actively involved in an anti-money laundering and anti-terrorist financing regional body, and to take necessary steps to obtain full membership in the FATF," it said.
The Paris-based FATF, created in 1989 by the G-7 group, is aimed at coordinating national laws among its members on the fight against tax evasion and money laundering.
China expressed its intention to join the Inter-American Development Bank (IDB), and voiced willingness to made a greater contribution to the cause of poverty reduction in Latin America and the whole world. "The United States supports China's endeavor to join the IDB," said the statement. 

(Xinhua News Agency October 1, 2004)

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