PRESIDENT OBAMA: Good afternoon. I want to start by thanking President Hu and the Chinese people for the warmth and hospitality that they have shown myself and our delegation since we arrived. We had a wonderful day in Shanghai yesterday, a wonderful discussion with China’s young men and women, and I’m looking forward to the conversations we’ll have and the sights that we’ll see here in Beijing over the next two days.
We meet here at a time when the relationship between the United States and China has never been more important to our collective future. The major challenges of the 21st century, from climate change to nuclear proliferation to economic recovery, are challenges that touch both our nations, and challenges that neither of our nations can solve by acting alone.
That’s why the United States welcomes China’s efforts in playing a greater role on the world stage -- a role in which a growing economy is joined by growing responsibilities. And that’s why President Hu and I talked about continuing to build a positive, cooperative, and comprehensive relationship between our nations.
As President Hu indicated, we discussed what’s required to sustain this economic recovery so that economic growth is followed by the creation of new jobs and lasting prosperity. So far China’s partnership has proved critical in our effort to pull ourselves out of the worst recession in generations.
Going forward, we agreed to advance the pledge made at the G20 summit in Pittsburgh 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. This will lead to increased U.S. exports and jobs, on the one hand, and higher living standards in China on the other.
As President Hu indicated, we also agreed that maintaining open market and free flows of commerce in both our nations will contribute to our shared prosperity. And I was pleased to note the Chinese commitment, made in past statements, to move toward a more market-oriented exchange rate over time. I emphasized in our discussions, and have others in the region, that doing so based on economic fundamentals would make an essential contribution to the global rebalancing effort.
President Hu and I also made progress on the issue of climate change. As the two largest consumers and producers of energy, there can be no solution to this challenge without the efforts of both China and the United States. That’s why 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 center, and have achieved agreements on energy efficiency, renewable energy, cleaner uses of coal, electric vehicles, and shale gas.
We also agreed to work toward a successful outcome in Copenhagen. Our aim there, in support of what Prime Minister Rasmussen of Denmark is trying to achieve, is not a partial accord or a political declaration, but rather an accord that covers all of the issues in the negotiations, and one that has immediate operational effect. This kind of comprehensive agreement would be an important step forward in the effort to rally the world around a solution to our climate challenge. And we agreed that each of us would take significant mitigation actions and stand behind these commitments.
