Tagged: Obama’s China visit

Trade talks end Obama China trip

BBC NEWS | 2009/11/18 | 10:10:44 GMT

CHINA AND US TIES

  • Veto holders on five-member UN Security Council
  • China is the biggest foreign investor in US treasury bonds, owning about $770bn (£457bn)
  • China is the world’s biggest greenhouse gas producer at 20.7% of global emissions, followed by the US with 15.5%
  • US imports from China dwarf its exports, stoking trade tensions

US President Barack Obama has met Chinese Premier Wen Jiabao on the last day of his much-watched visit to the rising Asian house. Trade disputes were expected to be on the agenda during Mr.. Obama’s lunch with China’s third-highest leader, who is responsible for the economy. Reports quoted the Chinese premier as having urged a “steady balancing” of trade with the US during the talks. Mr.. Obama later visited China’s Great Wall, before heading to South Korea. The US president, who is on a week-long tour of East Asia, is expected to focus on North Korea’s nuclear ambitions during talks in Seoul.

Protectionism

Before Wednesday’s meeting with the Chinese prime minister, Mr.. Obama said the Washington-Beijing relationship was now about more than trade and economics. He said it also covered climate, security and other matters of international concern, the Associated Press news agency   Continue reading

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Highlights of Obama-Hu joint news conference in Beijing

Reuters | Tue Nov 17, 2009 | 1:01pm IST

Following are key quotes by U.S. President Barack Obama and his Chinese counterpart, President Hu Jintao, from their joint statement to the media in Beijing on Tuesday.

ECONOMY

HU JINTAO: “We reiterated that we will continue to increase dialogue and cooperation on macroeconomic and financial policies and continue to consult, on an equal footing, to properly resolve and address economic and trade frictions, in a joint effort to uphold the sound and steady growth of our business ties and trade. I stressed to President Obama that under the current circumstances our two countries need to oppose all kinds of trade protectionism even more strongly.”

BARACK OBAMA: “Going forward we agreed to advance the pledge made at the G20 summit in Pittsburg and pursue a strategy of more balanced economic growth. A strategy where America saves more spends less, reduces our long-term debt and where China makes adjustments across a broad range of policies to rebalance its economy and spur domestic demand. “I was pleased to note the Chinese commitment made in past statements to move toward a more market-oriented exchange rate over time.”

CLIMATE CHANGE

OBAMA: “We’ve agreed to a series of important new initiatives in this area. As President Hu indicated, we are creating a joint clean energy research centre and have achieved agreements on energy efficiency, renewable energy and cleaner uses of coal, electric vehicles and shale     Continue reading