diff --git a/src/compiler/emitter.ts b/src/compiler/emitter.ts
index 2d5bda1bba..a5c9b88b7d 100644
--- a/src/compiler/emitter.ts
+++ b/src/compiler/emitter.ts
@@ -3144,6 +3144,10 @@ var __awaiter = (this && this.__awaiter) || function (thisArg, _arguments, Promi
             
             function emitExportSpecifierInSystemModule(specifier: ExportSpecifier): void {
                 Debug.assert(compilerOptions.module === ModuleKind.System);
+
+                if (!resolver.getReferencedValueDeclaration(specifier.propertyName || specifier.name) && !resolver.isValueAliasDeclaration(specifier) ) {
+                    return;
+                }
                 
                 writeLine();
                 emitStart(specifier.name);
@@ -6106,7 +6110,7 @@ var __awaiter = (this && this.__awaiter) || function (thisArg, _arguments, Promi
                         return;
                     }
 
-                    if (isInternalModuleImportEqualsDeclaration(node)) {
+                    if (isInternalModuleImportEqualsDeclaration(node) && resolver.isValueAliasDeclaration(node)) {
                         if (!hoistedVars) {
                             hoistedVars = [];
                         }
diff --git a/tests/baselines/reference/systemModule17.js b/tests/baselines/reference/systemModule17.js
new file mode 100644
index 0000000000..90efdc8872
--- /dev/null
+++ b/tests/baselines/reference/systemModule17.js
@@ -0,0 +1,84 @@
+//// [tests/cases/compiler/systemModule17.ts] ////
+
+//// [f1.ts]
+
+
+export class A {}
+export interface I {}
+
+//// [f2.ts]
+
+var x = 1;
+interface I { }
+
+namespace N {
+	export var x = 1;
+	export interface I { }	
+}
+
+import IX = N.x;
+import II = N.I;
+import { A, A as EA, I as EI } from "f1";
+
+export {x};
+export {x as x1};
+
+export {I};
+export {I as I1};
+
+export {A};
+export {A as A1};
+
+export {EA};
+export {EA as EA1};
+
+export {EI };
+export {EI as EI1};
+
+export {IX};
+export {IX as IX1};
+
+export {II};
+export {II as II1};
+
+//// [f1.js]
+System.register([], function(exports_1) {
+    var A;
+    return {
+        setters:[],
+        execute: function() {
+            A = (function () {
+                function A() {
+                }
+                return A;
+            })();
+            exports_1("A", A);
+        }
+    }
+});
+//// [f2.js]
+System.register(["f1"], function(exports_1) {
+    var f1_1;
+    var x, N, IX;
+    return {
+        setters:[
+            function (f1_1_1) {
+                f1_1 = f1_1_1;
+            }],
+        execute: function() {
+            x = 1;
+            (function (N) {
+                N.x = 1;
+            })(N || (N = {}));
+            IX = N.x;
+            exports_1("x", x);
+            exports_1("x1", x);
+            exports_1("A", f1_1.A);
+            exports_1("A1", f1_1.A);
+            exports_1("EA", f1_1.A);
+            exports_1("EA1", f1_1.A);
+            exports_1("IX", IX);
+            exports_1("IX1", IX);
+        }
+    }
+});
diff --git a/tests/baselines/reference/systemModule17.symbols b/tests/baselines/reference/systemModule17.symbols
new file mode 100644
index 0000000000..3bf19dad95
--- /dev/null
+++ b/tests/baselines/reference/systemModule17.symbols
@@ -0,0 +1,93 @@
+=== tests/cases/compiler/f1.ts ===
+
+
+export class A {}
+>A : Symbol(A, Decl(f1.ts, 0, 0))
+
+export interface I {}
+>I : Symbol(I, Decl(f1.ts, 2, 17))
+
+=== tests/cases/compiler/f2.ts ===
+
+var x = 1;
+>x : Symbol(x, Decl(f2.ts, 1, 3))
+
+interface I { }
+>I : Symbol(I, Decl(f2.ts, 1, 10))
+
+namespace N {
+>N : Symbol(N, Decl(f2.ts, 2, 15))
+
+	export var x = 1;
+>x : Symbol(x, Decl(f2.ts, 5, 11))
+
+	export interface I { }	
+>I : Symbol(I, Decl(f2.ts, 5, 18))
+}
+
+import IX = N.x;
+>IX : Symbol(IX, Decl(f2.ts, 7, 1))
+>N : Symbol(N, Decl(f2.ts, 2, 15))
+>x : Symbol(IX, Decl(f2.ts, 5, 11))
+
+import II = N.I;
+>II : Symbol(II, Decl(f2.ts, 9, 16))
+>N : Symbol(N, Decl(f2.ts, 2, 15))
+>I : Symbol(II, Decl(f2.ts, 5, 18))
+
+import { A, A as EA, I as EI } from "f1";
+>A : Symbol(A, Decl(f2.ts, 11, 8))
+>A : Symbol(EA, Decl(f2.ts, 11, 11))
+>EA : Symbol(EA, Decl(f2.ts, 11, 11))
+>I : Symbol(EI, Decl(f2.ts, 11, 20))
+>EI : Symbol(EI, Decl(f2.ts, 11, 20))
+
+export {x};
+>x : Symbol(x, Decl(f2.ts, 13, 8))
+
+export {x as x1};
+>x : Symbol(x1, Decl(f2.ts, 14, 8))
+>x1 : Symbol(x1, Decl(f2.ts, 14, 8))
+
+export {I};
+>I : Symbol(I, Decl(f2.ts, 16, 8))
+
+export {I as I1};
+>I : Symbol(I1, Decl(f2.ts, 17, 8))
+>I1 : Symbol(I1, Decl(f2.ts, 17, 8))
+
+export {A};
+>A : Symbol(A, Decl(f2.ts, 19, 8))
+
+export {A as A1};
+>A : Symbol(A1, Decl(f2.ts, 20, 8))
+>A1 : Symbol(A1, Decl(f2.ts, 20, 8))
+
+export {EA};
+>EA : Symbol(EA, Decl(f2.ts, 22, 8))
+
+export {EA as EA1};
+>EA : Symbol(EA1, Decl(f2.ts, 23, 8))
+>EA1 : Symbol(EA1, Decl(f2.ts, 23, 8))
+
+export {EI };
+>EI : Symbol(EI, Decl(f2.ts, 25, 8))
+
+export {EI as EI1};
+>EI : Symbol(EI1, Decl(f2.ts, 26, 8))
+>EI1 : Symbol(EI1, Decl(f2.ts, 26, 8))
+
+export {IX};
+>IX : Symbol(IX, Decl(f2.ts, 28, 8))
+
+export {IX as IX1};
+>IX : Symbol(IX1, Decl(f2.ts, 29, 8))
+>IX1 : Symbol(IX1, Decl(f2.ts, 29, 8))
+
+export {II};
+>II : Symbol(II, Decl(f2.ts, 31, 8))
+
+export {II as II1};
+>II : Symbol(II1, Decl(f2.ts, 32, 8))
+>II1 : Symbol(II1, Decl(f2.ts, 32, 8))
+
diff --git a/tests/baselines/reference/systemModule17.types b/tests/baselines/reference/systemModule17.types
new file mode 100644
index 0000000000..1f0b1b5184
--- /dev/null
+++ b/tests/baselines/reference/systemModule17.types
@@ -0,0 +1,95 @@
+=== tests/cases/compiler/f1.ts ===
+
+
+export class A {}
+>A : A
+
+export interface I {}
+>I : I
+
+=== tests/cases/compiler/f2.ts ===
+
+var x = 1;
+>x : number
+>1 : number
+
+interface I { }
+>I : I
+
+namespace N {
+>N : typeof N
+
+	export var x = 1;
+>x : number
+>1 : number
+
+	export interface I { }	
+>I : I
+}
+
+import IX = N.x;
+>IX : number
+>N : typeof N
+>x : number
+
+import II = N.I;
+>II : any
+>N : typeof N
+>I : II
+
+import { A, A as EA, I as EI } from "f1";
+>A : typeof A
+>A : typeof A
+>EA : typeof A
+>I : any
+>EI : any
+
+export {x};
+>x : number
+
+export {x as x1};
+>x : number
+>x1 : number
+
+export {I};
+>I : any
+
+export {I as I1};
+>I : any
+>I1 : any
+
+export {A};
+>A : typeof A
+
+export {A as A1};
+>A : typeof A
+>A1 : typeof A
+
+export {EA};
+>EA : typeof A
+
+export {EA as EA1};
+>EA : typeof A
+>EA1 : typeof A
+
+export {EI };
+>EI : any
+
+export {EI as EI1};
+>EI : any
+>EI1 : any
+
+export {IX};
+>IX : number
+
+export {IX as IX1};
+>IX : number
+>IX1 : number
+
+export {II};
+>II : any
+
+export {II as II1};
+>II : any
+>II1 : any
+
diff --git a/tests/cases/compiler/systemModule17.ts b/tests/cases/compiler/systemModule17.ts
new file mode 100644
index 0000000000..f6b6d6ea2f
--- /dev/null
+++ b/tests/cases/compiler/systemModule17.ts
@@ -0,0 +1,41 @@
+// @module: system
+
+// @filename: f1.ts
+
+export class A {}
+export interface I {}
+
+// @filename: f2.ts
+
+var x = 1;
+interface I { }
+
+namespace N {
+	export var x = 1;
+	export interface I { }	
+}
+
+import IX = N.x;
+import II = N.I;
+import { A, A as EA, I as EI } from "f1";
+
+export {x};
+export {x as x1};
+
+export {I};
+export {I as I1};
+
+export {A};
+export {A as A1};
+
+export {EA};
+export {EA as EA1};
+
+export {EI };
+export {EI as EI1};
+
+export {IX};
+export {IX as IX1};
+
+export {II};
+export {II as II1};
\ No newline at end of file