U.S., China reach cybersecurity consensus

(BVO) – President Obama says he and Chinese President Xi Jinping have reached a “common understanding” on steps to curb cyber spying. The two met at the White House on Friday. Obama saying both governments agreed not to conduct economic espionage in cyberspace.

U.S. PRESIDENT BARACK OBAMA

“I raised, once again, our rising concerns about growing cyber threats to American companies and American citizens. I indicated that it has to stop,”

U.S. officials say the Administration is considering slapping sanctions against Chinese companies and individuals for cyber attacks against American companies.

Samm Sacks is a China analyst at Eurasia Group:

SAMM SACKS, CHINA ANALYST, EURASIA GROUP

“The fact that Beijing agreed to not, agreed that China will not tolerate cyber enabled economic theft that will benefit commercial entities is something that I don’t think anyone expected them to come to the table with and this was only made possible because of the threat of U.S. sanctions. ”

The leaders also laid out a joint vision for a global climate agreement. China pledged it’ll launch a national carbon cap-and-trade system in 2017.

Obama also pressed Xi to follow through on economic reforms and stop discriminating against U.S. companies in China.

The Chinese leader reassured Obama he’ll improve cooperation:

CHINESE PRESIDENT XI JINPING

“China and the United States are highly complimentary economically.”

Earlier in the week President Xi’s visit to Seattle coincided with announcements of Chinese deals involving Boeing, Microsoft, and Cisco Systems.

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