S&ED reaches 120 agreements

By Ma Jingjing Source:Globaltimes.cn Published: 2016-6-8 17:41:03

Anti-graft, energy and economy deals to strengthen China-US cooperation

The eighth China-US Strategic and Economic Dialogue (S&ED) has reached more than 100 agreements in various areas, including anti-corruption, energy and the economy, which will boost ties between China and the US, analysts said.

The meeting reiterated the need for anti-corruption cooperation through the China-US Anti-Corruption Working Group of the Joint Liaison Group on Law Enforcement Cooperation, the Ministry of Foreign Affairs (MOFA) said Wednesday on its website.

Both sides agreed to further cooperate in preventing public corruption, finding cases of embezzlement and returning the property. The two countries would also make efforts to ensure the anti-corruption plan would be passed at the upcoming G20 Hangzhou summit in September 2016, according to the statement.

"This partnership can help the two countries better solve corruption issues, as it's difficult for one country to locate ill-gotten wealth flowing out of China," Hao Junbo, a partner and lawyer at the Hao Law Firm, told the Global Times on Wednesday.

He said that with more international communication between the people of both countries and the emergence of the Internet, it's easier for suspects to transfer their money out of one country.

The two sides reiterated their commitment to crack down on international bribery, including fleshing out the principles that would be passed by the upcoming G20 summit.

China and the US agreed to continue to cooperate under The US-China Renewable Energy Partnership (USCREP) framework, which serves as a platform for cooperation in such research fields as solar PV, solar power and wind power utilization. 

"The influence of energy cooperation between China and the US is self-evident, as both are large energy-consuming countries," Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Wednesday.

He said energy consumed by the two countries accounts for nearly half of the total global consumption.

The US Trade and Development Agency has agreed to launch two pilot projects with Chinese companies to showcase the distribution of PV power, biogas and advanced energy management technologies, according to the MOFA statement. 

The cooperation benefits the two sides, as the advanced technologies of the US can be introduced to China and China's large market provides revenue for the US, noted Lin.

Both China and the US acknowledge their mutual benefits and responsibilities in guaranteeing global energy security and the importance of keeping sustainable economic growth, analysts noted. 

In addition, the two countries agreed to strengthen cooperation through discussions on the transparency of the energy market, the supply of various energies and renewable energy, said the MOFA.

China and the US continue to closely cooperate under the heavy truck and other vehicle proposals. 

"Applying the advanced energy conservation, emission reduction and transportation management theories and technologies of the US to China is crucial, as China introduces an estimated 25 million vehicles into the market each year," Lin said.

China plans to release a draft on automobile exhaust pollution and fuel quality standards by mid-year, and implement it by 2020.

As for fuel consumption and greenhouse gas emission standards, the two sides agreed to hold a forum to discuss standards for heavy trucks by the autumn of 2016.

In terms of green freight, China is scheduled to hold the Green Freight Initiative Annual Meeting later this year, which would include corporate training, a cooperation symposium between owners of cargo and carriers as well as the green freight technical seminar. 

Both countries also agreed to strengthen bilateral cooperation in aviation by carrying out the 12th Sino-US Aviation Cooperation Project. 

Some agreements were likewise reached in environmental protection, nuclear safety and Asia-Pacific region issues.

Posted in: Economy

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