UK-China Economic and Financial Dialogue II Policy Outcomes

Source: Xinhua | 05-12-2009 09:05

LONDON, May 11 (Xinhua) -- The Second China-UK Economic and Financial Dialogue was held on May 11. After the dialogue, the two sides released a communique to introduce policy outcomes. The full text of the communique is as the following:

Session I: Supporting Economic Growth and Welfare

1. We agreed the importance of safeguarding development in low income countries during the economic slowdown. We reaffirmed our commitment to meeting the Millennium Development Goals. China appreciates UK's commitment to achieve the 0.7 percent ODA/GNI target at an earlier date. China and UK will make every effort to contribute to achievement of the UN Millennium Development Goals through their respective channels. We also confirmed our support for a substantial increase in lending of at least 100 billion U.S. dollars by the Multilateral Development Banks (MDBs), including to low-income countries, and will work to ensure that all MDBs have the appropriate capital.

2. We agreed that a crucial element of the global response is the role played by the international financial institutions. Following agreements reached at the London Summit, we reaffirmed our commitment to providing additional resources to the IMF. We also reiterated our commitment to reform the IMF. We agreed that the IMF's governance structure must reflect changing weights in the world economy. We urge IMF and the World Bank to expedite governance structure reform, work out explicit timetable and roadmap, so as to complete the next review of quotas of IMF by January 2011 and agree on voice and representation reform of the World Bank by the 2010 Spring Meetings.