China, US sign joint statement

After meetings between Chinese President Hu Jintao and US President Barack Obama, the two countries signed a joint statement in Beijing on Tuesday. The two sides have pledged to restructure their economies and cooperate on implementing polices that will ensure a strong and durable global economic recovery. They also agreed that "transitioning to a green and low-carbon economy was essential."

The joint statement declares that China will continue to adjust its economic structure, raise household incomes, expand domestic demand, and reform its social security system. The United States, in return, will take measures to increase national savings as a share of its GDP and promote sustainable, non-inflationary growth.

The statement also said that both sides will pursue positive monetary policies that will take into account the effects it will have on the global economy.

Both China and the US believe the clean energy industry will provide vast opportunities for both countries in the years ahead. According to the statement, the two sides welcomed steps to advance dialogue and practical cooperation on climate change, energy security and the environment.

The statement said both sides recognized the importance of the Ten Year Framework on Energy and Environmental Cooperation. The new plan will provide a framework where both countries will work together to achieve cost-effective improvements in energy efficiency, through technical cooperation, demonstrations and policy exchanges.

China and the US are also committed to working together and with other countries for a successful outcome at the Copenhagen climate change summit next month. Both sides concede that transitioning to a low-carbon economy is an opportunity to promote continued economic growth and sustainable development in all countries.