China joins US in fight against cyber crime

China's President Xi Jinping said that China will increase its effort with the United States to combat the growing number of cyber crimes coming from China.

He said this in his closing speech after signing an agreement for fighting climate change through the use of renewable energy and clean technologies.

According to The Telegraph, Xi Jinping said in a statement that China has been under attack too and has been doing its best to combat cyber crimes.

"The Chinese government will not in whatever form engage in commercial theft; and hacking against government networks are crimes that must be punished in accordance with the law", he said.

The assurance gives a positive signal to the US after the U.S government released a statement saying that hacking originating from China is at its worst level this year.

Most of the hackers are targeting U.S companies and government agencies as reported by the Huffington Post. U.S official said that they are trying to steal valuable data such as companies operation and procurement to be used by the Chinese company to compete against the U.S companies.

The discussion was moderated by former U.S Treasury Secretary, Henry Paulson. All the 30 top executives from both countries attending the meeting hope that this agreement and assurance by Xi will bring more mutual business opportunity.

Among the China's representative attending the meeting is Alibaba's founder Jack Ma and Mayor of Beijing, Wang Anshun.

Xi Jinping words were an assurance to all tech company's leaders attending the meeting, representing Microsoft, Apple and Amazon among others. He also said that Chinese officials are ready to set up a joint forces to combat this sensitive issues.

Although the cyber crime issue was addressed in the speech by Xi Jinping, U.S officials said that the meeting failed to reach a concrete agreement.

According to a data, U.S companies are getting less excited to work with China today as only 24 percent is optimistic about working with the country, a 34 percent drop from 2010.

Besides cybercrimes, Xi Jinping also assured investors that China's stock market is in good condition and its economic is still doing well according to the New York Times. He added that the authority is taking the required action to make sure the recent stock plunged will not happen again.

The climate change effort agreement was first addressed by Obama to the previous Chinese president, Hu Jintao. According the previous agreement, both countries will focus on clean energy research. In today speech, Xi said that the country's greenhouse emission will be reduced by 2030.