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WASHINGTON -- U.S. President Barack Obama called Monday for deeper U.S. engagement with China, saying both countries can benefit by coordinating their responses to the economic crisis and working together to address climate change.
In remarks prepared for delivery at the start of the U.S.-China Strategic and Economic Dialogue, Mr. Obama said the link between Washington and Beijing will shape the 21st century, making it as important as any bilateral relationship in the world. "That is the responsibility we bear," he said. (See Obama's full remarks)
The two-day meeting at Washington's Ronald Reagan Building is focused on a host of thorny issues, from the financial meltdown to North Korean and Iran's nuclear ambitions. U.S. Secretary of State Hillary Clinton and U.S. Treasury Secretary Tim Geithner are heading the U.S. side. State Councilor Dai Bingguo and Vice Premier Wang Qishan are representing China.
"The United States and China share mutual interests," Mr. Obama said. "If we advance those interests through cooperation, our people will benefit, and the world will be better off -- because our ability to partner with each other is a prerequisite for progress on many of the most pressing global challenges."
The session comes against a backdrop of a soaring U.S. deficit and concerns on Wall Street that the appetite for U.S. debt overseas could eventually evaporate. China is the largest foreign holder of U.S. government securities.
Messrs. Geithner and Wang both spoke of hopeful signs that the global economy was beginning to emerge from its worst financial crisis since the Great Depression, according to the Associated Press.
Mr. Geithner said that the so far successful efforts of the two economic superpowers to move quickly to deal with the downturns with massive stimulus programs marked a historic turning point in the relationship of the two nations.
Speaking through a translator, Mr. Wang said that "at present the world economy is at a critical moment of moving out of crisis and toward recovery."
Under the Bush administration, the dialogue with China was narrower, focused solely on economic issues. In broadening the effort to also include "strategic" issues, the White House is acknowledging the complexity of U.S. ties with China. At the same time though, it is likely reducing the likelihood that the meeting, which meets just once a year, can achieve concrete results.
Mr. Obama said the U.S. and China can deepen cooperation to promote financial stability through transparency and regulatory reform. He said the two countries also can seek "free and fair trade" and seek a conclusion to the long-stalled Doha trade talks that is "ambitious and balanced."
"We can update international institutions so that growing economies like China play a greater role that matches their greater responsibility," Mr. Obama said. "And as Americans save more and Chinese are able to spend more, we can put growth on a more sustainable foundation -- because just as China has benefited from substantial investment and profitable exports, China can also be an enormous market for American goods."
On energy, Mr. Obama said the U.S. and China -- the world's largest energy consumers and biggest greenhouse gas emitters -- need to work toward clean energy solutions.
"Common sense calls upon us to act," he said, adding that both countries should work together on a global warming strategy at December's U.N. climate-change conference in Copenhagen.
Mr. Obama, however, acknowledged that the U.S. and China don't agree on every issue, such as human rights and respect for religion.
"But that only makes dialogue more important -- so that we can know each other better, and communicate our concerns with candor," he said.
Mr. Obama conceded that people in China and the U.S. are skeptical of each other.
"Some in China think that America will try to contain China's ambitions; some in America think that there is something to fear in a rising China. I take a different view," he said. "I believe in a future where China is a strong, prosperous and successful member of the community of nations; a future when our nations are partners out of necessity, but also out of opportunity. This future is not fixed, but it is a destination that can be reached if we pursue a sustained dialogue like the one that you will commence today, and act on what we hear and what we learn."
—The Associated Press contributed to this article.
By HENRY J. PULIZZI
Write to Henry J. Pulizzi at henry.pulizzi@dowjones.com
http://online.wsj.com/article/SB124869626881983565.html#mod=whats_news_free?mod=igoogle_wsj_gadgv1
In remarks prepared for delivery at the start of the U.S.-China Strategic and Economic Dialogue, Mr. Obama said the link between Washington and Beijing will shape the 21st century, making it as important as any bilateral relationship in the world. "That is the responsibility we bear," he said. (See Obama's full remarks)
The two-day meeting at Washington's Ronald Reagan Building is focused on a host of thorny issues, from the financial meltdown to North Korean and Iran's nuclear ambitions. U.S. Secretary of State Hillary Clinton and U.S. Treasury Secretary Tim Geithner are heading the U.S. side. State Councilor Dai Bingguo and Vice Premier Wang Qishan are representing China.
"The United States and China share mutual interests," Mr. Obama said. "If we advance those interests through cooperation, our people will benefit, and the world will be better off -- because our ability to partner with each other is a prerequisite for progress on many of the most pressing global challenges."
The session comes against a backdrop of a soaring U.S. deficit and concerns on Wall Street that the appetite for U.S. debt overseas could eventually evaporate. China is the largest foreign holder of U.S. government securities.
Messrs. Geithner and Wang both spoke of hopeful signs that the global economy was beginning to emerge from its worst financial crisis since the Great Depression, according to the Associated Press.
Mr. Geithner said that the so far successful efforts of the two economic superpowers to move quickly to deal with the downturns with massive stimulus programs marked a historic turning point in the relationship of the two nations.
Speaking through a translator, Mr. Wang said that "at present the world economy is at a critical moment of moving out of crisis and toward recovery."
Under the Bush administration, the dialogue with China was narrower, focused solely on economic issues. In broadening the effort to also include "strategic" issues, the White House is acknowledging the complexity of U.S. ties with China. At the same time though, it is likely reducing the likelihood that the meeting, which meets just once a year, can achieve concrete results.
Mr. Obama said the U.S. and China can deepen cooperation to promote financial stability through transparency and regulatory reform. He said the two countries also can seek "free and fair trade" and seek a conclusion to the long-stalled Doha trade talks that is "ambitious and balanced."
"We can update international institutions so that growing economies like China play a greater role that matches their greater responsibility," Mr. Obama said. "And as Americans save more and Chinese are able to spend more, we can put growth on a more sustainable foundation -- because just as China has benefited from substantial investment and profitable exports, China can also be an enormous market for American goods."
On energy, Mr. Obama said the U.S. and China -- the world's largest energy consumers and biggest greenhouse gas emitters -- need to work toward clean energy solutions.
"Common sense calls upon us to act," he said, adding that both countries should work together on a global warming strategy at December's U.N. climate-change conference in Copenhagen.
Mr. Obama, however, acknowledged that the U.S. and China don't agree on every issue, such as human rights and respect for religion.
"But that only makes dialogue more important -- so that we can know each other better, and communicate our concerns with candor," he said.
Mr. Obama conceded that people in China and the U.S. are skeptical of each other.
"Some in China think that America will try to contain China's ambitions; some in America think that there is something to fear in a rising China. I take a different view," he said. "I believe in a future where China is a strong, prosperous and successful member of the community of nations; a future when our nations are partners out of necessity, but also out of opportunity. This future is not fixed, but it is a destination that can be reached if we pursue a sustained dialogue like the one that you will commence today, and act on what we hear and what we learn."
—The Associated Press contributed to this article.
By HENRY J. PULIZZI
Write to Henry J. Pulizzi at henry.pulizzi@dowjones.com
http://online.wsj.com/article/SB124869626881983565.html#mod=whats_news_free?mod=igoogle_wsj_gadgv1
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