They agreed China's accession would strengthen bilateral trade relations and provide further impetus to structural reforms in China. Senior officials had an opportunity to discuss developments in macroeconomic policies and structural reforms in the two economies, cooperation on enforcement issues, and initiatives to promote growth in less developed areas in each economy. Both sides reaffirmed their commitment to complete China's accession to the World Trade Organization. They agreed China's accession would strengthen bilateral trade relations and provide further impetus to structural reforms in China. Both sides agreed that the global economic situation is positive.
Inflation remains low, and growth is strong in most emerging market economies.
However, they noted the risks posed by oil price volatility to the world economic recovery and for developing economies that are heavily dependent on oil market conditions, and the need to stabilize prices at sustainable levels. The two sides noted that, in the United States, growth remains strong, unemployment low and inflation contained. For a sustainable rate of growth to be maintained, fiscal and monetary policy should continue to be prudent and the national savings rate should increase. For China, the economy continued to maintain strong growth this year. Deflationary pressure has eased.