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China and Britain have agreed to cooperate to address challenges of the global economy.

The two countries claimed that they would come up with a policy paper on the global economy by the time G20 meeting takes place in October.

"This paper will analyze the global economic challenges that we are facing, identify areas that countries can learn from each other's experience, and highlight ways of improving the flexibility of our economies as we respond to global economic change," China and Britain stated.

A Reuters article says,

"G20 groups the major developed and developing nations, including the longer-standing G7 group of major rich countries and a clutch of influential developing nations.

China came under pressure at a G7 meeting earlier this month in London to allow its tightly managed currency to appreciate against the dollar to help address global economic imbalances."

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