The US and China have reaffirmed their
commitment to global accounting standards during a joint meeting
held in Beijing to promote US-China cooperative partnership.

The reaffirmation comes after the joint summit
– Economic Track of the Fourth US-China Strategic and Economic
Dialogue – and states “China and the US support the objective of a
single set of high quality global accounting standards”.

US treasury secretary Timothy Geithner and
Chinese vice premier Wang Qishan, said the two nations are
“committed to building a sound financial system to support the real
economy and to effectively implement the international financial
regulatory framework based on the G20 consensus”. 

The two sides have also committed to
strengthening the supervision of systemically important financial
institutions and risk resolution as well as to develop effective
resolution regimes for financial firms and enhance the regulation
of the financial derivatives.

The two nations also plan to maintain efforts
to deepen the compensation reform of financial institutions. Other
plans include measures to enhance macroeconomic cooperation,
promote open trade and investment, enhance international rules and
global economic governance, and foster financial market stability
and reform.