Family Life

07.27.09 | FL News Team

(Washington, DC) -- Amid the ongoing global recession, President Obama is stressing improved economic ties with China. Addressing a U.S.-Chinese economic summit in Washington, Obama said the U.S. and China share mutual interests and mutual respect.

He noted that the relationship between the U.S. and China will "shape the 21st Century." The President stressed the two nations can work together to curb the global recession and promote international trade.

China is fretting that the U.S. Treasury keeps printing money to stay ahead of a growing deficit. America's largest lender isn't eager to see inflation eat up profits on some 800-billion dollars in U.S. Treasury notes.

The U.S. has concerns of its own. There are growing concerns about the massive American trade gap with the communist nation. Washington also believes China may be deliberately devaluing its currency to keep its exports underpriced. That in turn makes it tough for American manufacturers to gain purchase in overseas markets where China undersells them.

Today's dialogue grew out of a one-on-one Obama held with Chinese President Hu Jintao on the sidelines of the G20 summit in London in April.