Chinese Minister of Finance Xiang Huaicheng and U.S. Treasury Secretary Paul O'Neill co-presided over the meeting. The two sides issued a joint statement at the meeting.

The Chinese and U.S. sides conducted extensive and conducive discussions on such issues as international and bilateral macroeconomic situations, economic policy, reform of the Multilateral Development Bank (MDB), bilateral trade, and the financial market. The two sides reached consensuses on a wide range of issues.

Both sides agreed that the meeting was fruitful.

Xiang said during the JEC meeting and the APEC Finance Ministers Meeting held in Suzhou last week that the Chinese and U. S. sides reached a lot of consensuses on a series of important issues. He said that these consensuses helped lay a good foundation for the meeting between the top leaders of the two countries at the upcoming informal meeting of APEC leaders in Shanghai in October.

Xiang said that as an important part of Sino-U.S. relations, the JEC has played a significant role of a bridge between the two countries in terms of expanding communication, enhancing mutual trust, seeking common ground and strengthening cooperation.

He noted that since the previous JEC session last year, the macro-economic situation in China has seen some positive changes. Since the beginning of this year, China's economy has sustained good momentum, with the gross domestic product (GDP) growing 7.9 percent year-on-year over the first half of the year. This proves that the macro-economic policies that the Chinese government adopted in face of a slowdown in the world economic growth and slack overseas demand were correct and effective, he said.

Despite the impact that the global economy had on China's exports and problems in the structure of the domestic demand and supply, the Chinese government is highly confident about the prospects of the economy, Xiang said, adding that China's economy is expected to continue to maintain relatively fast growth against the backdrop of the world economy.

O'Neill said that during his visit to China over the past few days, he has been impressed by the big changes and vigorous growth of China. Noting that China will play a greater role in the world economic growth after entering the World Trade Organization (WTO), he said that the U.S. is ready to help push for an early accession to the WTO by China.

It was decided at the meeting that the next China-U.S. JEC meeting will be held in Washington D.C. in the U.S. next year.

(Xinhua News Agency 09/12/2001)