david dreier talked about the republican goals for this session. what are the a pediments to achieving them? >> they are going to run into a democratic senate that will not agree with them on the size and scope of spending cuts they have promised the tea party. it is not just that. also in terms of the health care repeal. they will have to find some negotiating room to get anything done. piecemeal, we will see some health care proposals move forward. we have got the 1099 requirement that businesses report their spending on their income taxes. we will see some of those things change. for the most point, they are going to run into the senate and the president. they are going to run into internal battles with the established republicans who want more of a draconian look at

the budget. >> how are those economics -- those dynamics in the senate affected by the fact that the democrats are headpin -- are ahead by 23 seats in the senate? >> the president will have to look at these measures an. i do not think the senate can block everything the house republicans do. the house republicans are point to have to pursue measures that can have some measures -- can have some hope of passing the senate. he spoke frequently about trade as a priority for him. he hoped the president would bring up some of the language in

the trade measures. some of the tea party activists are vocal critics of nafta, saying it is a job killer. talk to me about the policy up trade in the gop. he gop.ade int -- of trad in the gop. >> the tea party activists have seen job losses and attribute them to trade deals like nafta. if you go into eastern ohio and western pennsylvania, people will tell you about the jobs that were lost in the 1970's and 1980's because of nafta but even though nafta was passed in the 1990's. when there are doubts created

somewhere, they are lost elsewhere. certain areas -- when there are jobs created somewhere, they are lost elsewhere. what we have seen over time is that trade deals do get done because democrats and republicans have some agreement. i would be surprised if we did not see anything done all with the next two years. i think the president will make an effort to move toward the center pretty fast as the election approaches. >> you asked about job creation and federal spending levels. were you satisfied with the answers? will this play with the public and is this an effort to create jobs? >> i do not see how cutting federal spending you lead to job creation. rolling back federal spending will lead to public employees losing their jobs in the short term. we have a pretty bad republican

-- we have a pretty bad economy. they said what they are doing will help bring the 9.4% unemployment rate down. >> we have had taxes, capital gains and dividends at the same rate for a long time. revenue is suffering as a result. spending has been ballooning for a long time. that is why we have these deficits. president hu jintao from china was here this week. a lot of the american debt is held by china. there is an underlying nervousness about the health of the american economy based on the structural deficit issues. that is one of the reasons you see on a planet where it is and

remains where it is. it will probably not get better until we get more balanced. >> we are over time. give me the big story in the coming week, which is the state of the union address. how will the president play what we were talking about? >> the seating arrangement will make it harder for people to stand up and yell, " ." "you lie." we have already heard about the regulation. there is a whole new set of deregulation ideas. it is a certainly more republican idea, a way of reaching out and showing the public he understands. the way he would do that is different from the way republicans would do it.

we will have to see what gets done. >> i think he makes the case for tax reform. i do not think tax reform gets done this year. he makes the argument to the american people on the corporate and individual side that the tax code is too complicated and cumbersome. and that rates are too high. >> a bit weak ahead in washington, d.c. the republican agenda back on the floor. thanks to both of you. >> congress returns to session this week to work on a number of items. the house gavels in at 2:00 p.m. monday for a legislative business. they will vote on reducing spending to fiscal year 2008 levels. see the house live on c-span. and the senate returns to session on tuesday at 10:00 a.m.

eastern. there will be time for general speeches before turning to a proposal that would change senate rules on the filibuster. the proposal aims to limit win and how the filibuster can be used. live coverage on the senate can be seen on c-span 2. >> this weekend on "road to the white house," two speeches. michele bachmann was in iowa to speak to a political action committee. >> your name is not in the presidential compensation. you are aware of that. will that continue for months to come? >> i know it is shocking when a girl goes to iowa that that speculation might come along. i am here to be a part of that conversation for 2012. i am part of the conversation.

there has been no decision about candidacy, but i want to be part of the conversation. >> watch her speech in its entirety tomorrow on "road to the white house" at 6:30 p.m. and 9:00 p.m. eastern and pacific. >> i have to practice staying alive and preparing to die at the same time. >> sunday, our author -- our guest is christopher hitchens. >> it is a tantalizing time to have cancer. there are treatments i can see that are just out of my reach. it is encouraging and annnoying. "q & a." on c-span's >> the president said the chinese president has promised

new steps to fight intellectual properties that -- international -- -- intellectual property rights. they spoke at the white house for a little over one hour.

>> we just had a meeting with the business leaders for both of our countries. we are exporting more than $140 billion per year in goods and services to china, which supports more than five. thousand american jobs. our exports to china are growing more than twice as fast as our exports to the rest of the world, making it a key part of my goal to double american exports. cooperation between our countries is good for china. china's extraordinary economic growth has lifted hundreds of millions of people out of poverty. this is a tribute to the chinese people.

it is also thanks to decades of stability in asia make possible by america's presence in the region, by strong trade with america, and by an open economic system championed by the united states of america. cooperation between our countries is also good for the world. along with our g-20 partners, we have moved from the brink of catastrophe to economic recovery. with our security council partners, we passed an are enforcing the strongest sanctions to date over iran's nuclear program. we have worked to reduce tensions on the korean peninsula. we have welcomed by's support for the referendum in southern sudan. -- have welcomed china's support

for the referendum in southern sudan. in areas like those i have just mentioned, we will cooperate working partnerships and making progress that neither nation can achieve a long. in other areas, we will compete. a healthy competition that spurred both countries to innovate and become more competitive. that is the kind of relationship i see for the united states and china for the 21st century. that is the kind of relationship we advanced today. i am please we completed dozens of deals that will increase u.s. exports by more than $45 billion. from machinery to software, from aviation to agriculture, these deals will support 235,000 american jobs. that includes many manufacturing jobs. this is great news for america's workers.

i also stressed to the president of china that there needs to be a level playing field for american companies competing in china. i welcome his commitment that american companies will not be discriminated against when they compete for chinese government procurement contracts. i appreciate his willingness to take new steps to combat the death of intellectual property. we are renewing our long-running cooperation in science and technology that has sparked advances in agriculture and industry. we are moving ahead on our clean energy research center on smart grids and cleaner coal. the united states and china have a responsibility to combat climate change by building on the progress in copenhagen and showing the way to a clean energy future.

president hu jintao express' that he agreed with me on this. we talked about moving toward a more market oriented economy. we agreed that in china, this means boosting domestic demand. in the united states, this means spending less and exporting more. i told president hu that we welcome china increasing the strength of its currency. the rmb remains undervalued. we will continue to look for the value of china's currency to be driven by the market, which will help insure no nation has a undue economic advantage. to abandon our share of security, we are expanding and deepening dialogue and cooperation between our military is that increases trust and reduces misunderstandings.

with regard to regional stability and security in east asia, i stress that the united states has a fundamental interest in retaining the freedom of navigation and the peaceful resolution of differences. i welcome the progress that has been made on both sides of the taiwan strait in reducing tensions and build an economic ties. we hope this progress continues because it is in the interests of both sides. i reaffirmed our commitment to a one china policy based on the taiwan relations act. we appreciate china's role in reducing tensions on the korean peninsula. we must avoid further provocations. tai's nuclear and ballistic program -- the nuclear and ballistic program is a direct threat to be united states and

our allies. the international community must continue to state clearly that north korea's uranium enrichment program is in a violation of north korea's commitment and international obligations. with respect to global security, i am please we are moving ahead with president hu's commitment to establish a center of excellence, which will help secure the world's vulnerable nuclear materials. iran must uphold its international obligations. the u.n. security council sanctions on iran must be fully enforced. along with our p-5 partners, we will continue to offer the government of iran the opportunity for dialogue, but only if it meets its obligations. i reaffirmed america's

fundamental commitment to the universal rights of all people. that includes basic human rights like freedom of speech, press, association and demonstration, and religion, rights that are recognized in the chinese constitution. the united states speaks up for these freedoms and the dignity of every human being, not only because it is part of who we are as americans. we do so because by of holding these universal right, all nations, including china, will be more prosperous and successful. today, we have agreed to move ahead with our formal dialogue on human rights. we agreed on a new exchange is to advance the rule of law. even as we recognize that tibet is part of the people's republic of china, the united states continues to support for the dialogue between the government of china and representatives of

the dali lama to preserve the religious and cultural identity of the tibetan people. we agreed to expand partnerships between our young people. today, my wife michelle is highlighting our efforts to increase the number of american students study in china to 100,000. i am pleased that president hu jintao will be visiting my hometown of chicago. you are great to visit chicago in the middle of winter. i have warned him that the weather may not be as pleasant as it is today. in the students and business people you meet, you will see the extraordinary possibilities of partnerships between our citizens. we have helped lay a foundation for cooperation between the united states and china for decades to come. we look forward to hosting

present hu jintao in a state dinner tonight to share our hopes for the future. president hu? >> friends from the press, ladies and gentlemen, good afternoon. first of all, i want to express sincere appreciation to president obama and the government and people of the united states for the warm welcome accorded to me and my colleagues. just now, i have had talks with president obama in a candid, pragmatic, and constructive atmosphere. we had an exchange of use and breached important agreement on china-u.s. relations and international and regional issues of shared interests. we reviewed relations of the last two years. we positively assess the progress we made in dial-up

coordination and cooperation in various areas. -- in dialogue, court nation, and cooperation in areas areas -- in dialogue, coordination and cooperation in the various areas. as mankind enters the second decade of the 21st century, the international situation continues to undergo profound changes. there are a growing number of global challenges. china and the united states share common interests and have increasing, and responsibilities. china-u.s. cooperation has great significance to the world. the two sides should adhere to the right direction of our

relationship, is that each other's sovereignty, territorial integrity and development, promote the steady growth of china-u.s. relations and make greater contributions to maintaining and promoting world peace and about men. we both agree to further push positive and comprehensive china-u.s. relationship and commit to work together to build a china-u as cooperative partnership based on mutual respect and -- to build a china- u.s. crop a partnership based on latrobe respect -- on mutual respect.

during my current visit to the united states, the relevant departments, institutions, and enterprises of the country's have signed a number of corporate agreements. we reached agreement on a number of projects. these will create a great many job opportunities for both countries. we will continue to issuesriately resolvee based on being on mutual flooding. china and the united states need to establish a pattern of exchange is featuring

communication and candid dialogue. president obama and i will stay in close contact through meetings, telephone calls, and lectures. the two sides believe the expansion and cooperation between our military continue to deepening mutual trust between our countries and to the growth of our overall relationship. we also agree to encourage all sectors of our society to carry out their forms of exchange activities. we have high hopes on the young people, hoping that they will understand each other's countries and be more deeply involved in the people to people exchanges. president obama and i exchanged views on the economic situation. we believe the world economy is slowly recovering from the international financial crisis. there is a fair amount of the

hat there are a there are- -- there are a fair amount of unstable situations. the two sides support the g-20 play a bigger role in international and economic affairs. we agreed to reforming the international economic system. we championed free trade and oppose protectionism. we hope a new round of negotiations can make early and substantive progress. president obama and i exchanged use on major international and regional issues, including the situation on the korean peninsula, the iranian nuclear issue and others. we agreed to strengthen

coordination on major issues that concern peace and development in the asian-pacific region and the world. china and the united states will work with the relevant parties to maintain peace and stability on the korean peninsula and promote denucl earization of the nuclear -- of the korean peninsula. we hope to forge a bright future for the world. i told the president that that is connected to the path of peaceful development. and a win-win strategy of opening up. china is a friend to all countries.

that is all. thank you. >> the associated press? >> i would like to address both leaders. president obama, you covered the broad scope of this relationship. i would like to follow up on your comments about human rights. can you explain to the american people how the united states can be so allied with a country that has been treating its people so poorly and has used censorship to oppress its people? on and on related topic, i would like to know what you make of the speculation that the ambassador might run against you in 2012? how do you justify that's record and do you think is -- how you justify china's record

and the it is the business of the american people? >> first of all, john has done an outstanding job for the united states in china. he has brought enormous skill, dedication, and talent to the job. the fact that he comes to -- comes from a different party is a strength, not a weakness. it indicates the degree to which he and i believe partnership ends -- partisanship ends at the water's edge. i could not be happier with the ambassador's service. i am sure he will be successful in whatever endeavors he chooses in the future. him having worked so well with me will be a great asset in any republican primary. [laughter]

let me address the other issue. a very serious issue. china has a different political system that we do. china is at a different stage of development and we are. we come from different cultures with different histories. as i have said before, and i repeated it to president hu, we have some core views as americans about freedom of speech, freedom of religion, that we think are important and transcends cultures. i have been candid with

president hu about these issues. occasionally, they are a source of tensions between our governments. what i believe is the same thing that seven previous presidents believe. we can engage and discuss these issues in a frank and candid way and focus on those areas where we agree while acknowledging there will be areas where we disagree. i want to suggest there has than an evolution in china over the last 30 years since the first normalization of the relationship between the united states and china. 30 years from now, we will have seen further evolution and change.

what's my approach will continue to be is to celebrate -- what my approach will continue to be is to celebrate the chinese people and the multiple areas where we have to what now is that we have certain differences, and and a partner needs to be honest when it comes to how we view many of these issues. that frank and candid assessment on our part will continue but that does not prevent us from cooperating in these other critical areas. >> [speaking chinese]

[english translation] >> these translator is translating the question back into chinese. [speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese] reporter: [speaking chinese]

translator: [speaking chinese]

[chinese translation] >> i thought we had simultaneous translation. [laughter] i would have broken that up. >> [speaking chinese] >> [speaking chinese] >> i'm getting it in chinese. >> from chinese television. >> there is an old saying in china that a good relationship between the two peoples holds the key to a sound relationship between states.

>> [chinese translation] >> [speaking chinese] >> hollen the development of this relationship is important to the steady growth of our relations. president hu jintao, i would like to ask the question of what

do you think the two countries need to do to further increase the friendship and mutual understanding between the chinese and american peoples. at the same time, we have also noted that the u.s. side has been saying that the united states is willing to see a stronger and more prosperous and china. i would like to ask president obama that deep in your heart, do you really think that you can live comfortably with a constantly growing china? also, what do you think the chinese development means to the united states? >> [speaking chinese]

[speaking chinese]

[speaking chinese] [speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese] >> [english translation] the exchanges between our two peoples in the case the basis and driving force between the growth of our relationship. ever since the establishment of diplomatic relations between our two countries, we have seen more robust exchanges between our two peoples. in such exchanges, it also

helped promote the steady growth of our relationship. the statistics i have show that each year, we have about 3 million people traveling between our two countries. in other words, every single day, about seven-8000 people travel between china and the united states. this is something that is hardly conceivable 32 years ago when we first established diplomatic ties. in addition, we have also seen a very broad range of development in these exchanges at sub- national levels. our two countries have already established sister relationships between 36 provinces and states and we have also developed 161 pairs of sister cities between our two countries. the chinese government is

supportive of the pri and the exchanges between our two peoples. we have been creating all kinds of conditions to expand the friendly exchanges between the american and chinese peoples. during this visit, president obama and i reached an agreement that both sides will take positive steps to further increase the people to people exchanges. on the one hand, we will encourage the young people in our two countries to go into each other's countries to pursue further education and learn more about each other and, at the same time, we have also decided to put in place a dialogue and exchange mechanism between different chinese and american provinces and states. besides, we are also going to further expand cultural exchanges and develop tourism. we are going to use a variety of means to exchange people to

people exchanges. i would like to particularly stressed that the young people hold the future of this relationship. it is extremely important to increase the exchanges between the young people and our two countries. through such exchanges, i hope that our friendship can be furthered. i also hope that day in the future can serve as ambassadors of goodwill for our two countries. and they can make even more positive contributions to the development of a cooperative partnership based on mutual respect and mutual benefit. >> let me respond briefly to your question. i absolutely believe that china's peaceful rise is good for the world and good for america. >> [speaking chinese] [chinese translation]

>> it is good for humanitarian reasons. >> [chinese translation] >> the united states has an interest in seeing hundreds of millions of people lifted out of poverty. >> [chinese translation] >> we believe part of justice and part of human rights is people being able to make a living and having enough to eat and having shelter and having electricity and the development of china has brought unprecedented economic growth to more people, more quickly than just about any time in history and that is a positive good for the world and it is something that the united states very much

appreciates and respects. >> [chinese translation] >> we also think that china's rise offers the -- the enormous economic opportunities. >> [chinese translation] >> we want to sell you all kinds of stuff. [laughter] >> [chinese translation] >> we want to sell you planes. we want to sell you cars. we want to sell a new software. and, as president hu and his

government re-focuses the economy on expanding domestic demand, that offers opportunities for u.s. businesses which ultimately translates into u.s. jobs. >> [chinese translation] >> it also means that as the chinese standard of living rises, they have more purchasing power. >> [chinese translation] >> it is something that we have to remind ourselves. the united states economy is still three times larger than china's despite having 1/4 of the population. per capita income is still very different between the two

countries. as china's per capita income rises, that offers an opportunity for increased trade and commercial ties that benefit both countries. >> [chinese translation] >> finally, the china rise is potentially good for the world. >> [chinese translation] >> to the extent that china is plunging as a responsible actor on the world stage, to the extent that we have a partner in ensuring that weapons of mass destruction don't fall into the hands of terrorists or rogue

states, to the extent that we have a partner in dealing with regional hotspots, to the extent that we have a partner in addressing issues like climate change or pandemic, to the extent that we have a partner that is helping poorer countries in asia or in africa further develop so that they, too, can be part of the world economy. that is something that can help create stability and order and prosperity around the world and that is the kind of partnership we would like to see. it is more likely to come of china feels secure and itself is doing well economically. they are more likely to be an effective partner with us on the world stage. >> [chinese translation]

[chinese translation] [chinese translation] >> on the knuckles from bloomberg. hans nichols from lumber. >> because of the translation,

can i direct a question to president hu? president hu, my colleague as to a question about human rights which you did not answer. i was wondering if we could get an answer to that question. on capitol hill, senate majority leader harry reid, house speaker john boehner are not attending the state dinner tonight and many on capitol see china as an economic threat. what can you do allay their fears? >> [chinese translation] [chinese translation] >> [speaking chinese]

>> because of the technical translation problem, i did not hear the question about human rights. i know that he was asking a question directed at president obama. >> [chinese translation] >> [speaking chinese] >> [english translation] i heard the question properly, i am in a position to answer the question. >> [chinese translation] >> [speaking chinese] >> 3 [english

translation] president obama and i already met eight times ahead and in debt exchange of views in a candid manner on issues of shared interests issues of each other's concerns. on the issues we have covered, we also discussed human rights. >> [chinese translation] >> [english translation] china is always committed to the protection of human rights. in the course of human rights, china has also made enormous progress recognized widely in the world. >> [chinese translation] [speaking chinese]

>> [english translation] china recognizes and also respects the universality of human rights and at the same time, we do believe that we also need to take into account the different national circumstances when it comes to the universal value of human rights. >> [speaking chinese] >> [english translation] china is a developing country with a huge population and also a developing country in a crucial stage of reform. in this context, china still faces many challenges in economic and social development. a lot still need to be done in china in terms of human rights. >> [speaking chinese]

>> [english translation] we will continue our efforts to improve the lives of the chinese people and we will continue our efforts to promote democracy and the rule of law and our country. at the same time, we are willing to continue to have exchanges and dialogue with other countries in terms of human rights and we are also willing to learn from each other in terms of the good practices. >> [speaking chinese] >> [english translation]

as president obama rightly put it, though there are disagreements between china and the united states on the issue of human rights, china is willing to engage in dialogue and exchanges with the united states on the basis of mutual respect and the principle of non-interference in each other's internal affairs. in this way, we will be able to increase our mutual understanding, reduce our disagreements, and expand our common ground. >> [speaking chinese] >> [english translation] therefore the question about the attendance of the state dinner and for what reason they want to attend, present obama is in a better position to answer that question. [laughter] >> is that the question want to

ask me? [laughter] you get one. >> i want to talk about exports and jobs. you talked about the importance of exports and your goal of doubling exports. at the same time, you said there needs to be further adjustment in the exchange rate and the r &b is undervalued. to what extent is the depression of the chinese currency affect your ability to grow jobs in this country and lower the unemployment rate? >> i think it is important for us to look at the entire economic relationship and the currency issue is one part of it. the first time i met a president who was in april of 2009. this was the first g-20 summit i attended when we were -- when we were in the midst of the worst

financial crisis we have experienced since the 1930's. >> [chinese translation] [chinese translation] >> even as we were trying to stabilize the financial system, what was absolutely clear was that we could not go back to a system in which the united states was borrowing massively, consuming massively, but not

producing and selling to the rest of the world creating these huge imbalances that helped contribute to the crisis. >> [chinese translation] [chinese translation] >> that is why we pushed and why did g-20 adopted a framework to rebalance the world economy. >> [chinese translation] >> that gives us some responsibilities. we have to save more in this

country. >> [chinese translation] back on got to cut these huge levels of debt in the private sector but also in the public sector. >> [chinese translation] >> it also means there are structural reforms that we have to do to make ourselves more competitive in the world economy, making sure that we have the best education system in the world, that we are producing more engineers that lawyers, making sure that we have a handle on our fiscal problems, making sure that we have a world-class infrastructure. those are all important parts of us being competitive and being able to export. >> [chinese translation]

[chinese translation] [chinese translation] >> it does all sold mean, though, that we have a level playing field when it comes to our trading partners. >> [chinese translation] >> with respect to china, what president hu, myself and our delegations have discussed is how we make sure that in fact our trading relationship is fair and a win-win situation as opposed to a win-lose situation?

>> [chinese translation] >> some of that has to do with issues completely unrelated to currency. for example, we are making progress on making sure that the government procurement process in china is open and fair to american businesses. we have made progress as a consequence of this state visit. >> [chinese translation] >> some of that has to do with the intellectual property protection. we were just in a meeting with

business leaders and steve ballmer of microsoft pointed out that their estimate is only one country in every 10 of their product is paying for it in china. can we get better enforcement sense that is an area where america exiles, intellectual property and high-value added products and services? >> [chinese translation] >> the chinese government has taken steps to better enforce

intellectual property. we have further agreement as a consequence of this state visit and i think president hu would acknowledge that more needs to be done. >> [chinese translation] >> but the currency issue is a part of the problem. the r &b is undervalued and the chinese government has intervened very forcefully in the currency market. they have spent $2 billion recently and that is an indication to the degree to which it is still undervalued. president hu has indicated he is committed to moving toward a market-based system and there has been movement but it is not as fast as we want. what i have said to president hu, and i firmly believe this,

is not only will u.s. businesses be able to export more to china if we have a market-based currency, but it will also be good for china and president hu's agenda of expanding domestic demand because if the r &b is worth more, they can buy more products and services and that will contribute to china having greater purchasing power and a higher standard of living. this is something that can be a win-win. president hu is concerned understandably about how rapid this transition takes and the disruptions that may occur in its export sector. i am confident that it is the right thing to do and my open expectation is that president olve will lead to a fully market-based market program that will lead to understanding between the two

countries. >> [chinese translation] [chinese translation] [chinese translation]

[chinese translation] [chinese translation] >> [english translation] the shin-wa news agency. [speaking chinese] >> [english translation]

because of the injured -- interpretation, i would like to ask the interpreter to interpret my two questions correctly and accurately. [laughter] >> [speaking chinese] [speaking chinese] >> [english translation] my first question for president obama -- as many people do believe that the biggest problem in this relationship is the lack of strategic -- do you agree with this view? how do you think the two sides should have mutual trust and how do you think the two sides should properly manage their differences and expand their

common interests? >> [chinese translation] [chinese translation] >> [english translation] my second question is for president hu jintao. the chinese and american leaders have on various occasions stressed the fact that the influence and the significance of the china-u.s. relationship has gone far beyond the bilateral dimensions that they both share common interests and show important common responsibilities in addressing a variety of regional

and global issues. my question is that, how do you think china and the united states can step up their cooperation in a joint endeavor to tackle the increasing number of global issues? [laughter] >> certainly, the more we can build a base line of trust, as you call the strategic mutual trust, the more likely we are able to solve the friction or pretend that exist in a relationship between any two countries. in name more constructive way. >> [chinese translation] [chinese translation]

>> which is why i think it is so important that not only government but people in both countries understand the challenges that each country faces. >> [chinese translation] >> and not view every issue through the lens of rivalry. >> [chinese translation] >> for example, i know that in china, many believe that somehow the united states is interested in containing china paz writes. >> [chinese translation] >> as i indicated in the answer

i gave a previous questioner, we welcome china possible rights. rise. we hope the rise occurs in a way that reinforces international norms and international rules and enhances security and peace as opposed to it being a source of conflict either in the region or around the world. >> [chinese translation] [chinese translation]

>> and these security and economic dialogs we have established are precisely designed to lessen suspicions, to enhance mutual understanding. the more we understand each other's challenges, the more we can take advantage of opportunities. >> [chinese translation] [chinese translation] >> [speaking chinese]

[speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese] [speaking chinese]

>> [english translation] as the journalist to raise the question said, in today's world, mankind faces more and more global challenges. i would like to stress here that no country can remain in the face of some of the global challenges and no country can single-handedly tackle global challenges. for example, in the field of fighting terrorism, of holding the security of humanity, or in tackling the financial crisis and promoting the growth of the world economy and addressing regional hotspots, fighting transnational crimes and piracy and preventing and treating communicable diseases. in all these areas, countries need to work together to meet the challenge. china is the biggest developing

country and the united states is the biggest developed country. in this context, it is all the more necessary for china and the united states to cooperate to meet such challenges as. how can china and u.s. dot do a better job in working together to meet global challenges? i think there are three points i would like to make. these three points deserve our serious attention and consideration. number one, our two sides have acted in the spirit of cooperation as if we were in the same boat and we should row in the same direction. when we tackled previous international challenges, and i think we need to keep up the spirit in the future as we tackle challenges. number two, we need to increase our communication and coordination and number three, we need to respect and accommodate each other's

interests and concerns. i am convinced that as long as our two sides continue to act in this spirit and as long as we continue to work together with other countries concerned, we will be able to engage in cooperation in an even broader range of areas to the benefit of world peace and the development. >> alright everybody, thank you so much for your patience. technicale difficulties. president hu, we appreciate your visit and we appreciate the dialogue and we look forward to having dinner with you later this evening. >> [chinese translation] >> thank you, everybody.

>> our coverage of chinese president hu jintao's visit continues with his remarks at a u.s.-china business council. the chinese president is introduced by former secretary of state, henry kissinger. this is about half an hour. >> a excuse me, please join me in welcoming the president of the people's republic of china, president hu jintao. [applause]

[applause] >> if you can be seated, please. thank you. welcome. i am president of the u.s.-china business council. at one housekeeping item. you all have had funds to listen to the translation in front of you. if, for some reason is not

working, raise your hand and a staff member well sawp it out. please welcome me in welcoming the chairman of the u.s.-china business council. [applause] >> good afternoon, ladies and gentlemen. welcome to our luncheon in honor of the president of the people's republic of china, the hon. hu jintao and our distinguished guest from the china delegation. our two coasts today, the u.s.- china business council and the national committee on u.s.-china relations are delighted and honored that you could join us on this historic occasion, mr. president. we all recognize that the u.s.- china relationship grows more important to every single day

parade in just the last few months, we witnessed an unprecedented level of high exchanges. last september, premier wen jibao or -- was at a dinner during his visit. during this past december, vice premier visited washington, d.c. and just last week, the defense secretary gates was in beijing. now president hu is making this state visit to our nation's capital as well as to chicago. yesterday, i had the privilege of attending a special historic meeting with president hu, president obama, and with business and government leaders from both our countries. we had a very productive discussion about the unique and powerful role that businesses in

china and america can play in creating greater understanding between our nations, promoting innovation as well as investment, and generating jobs and opportunities for american and chinese communities. there is no question that china and america's businesses can and should play an increasing role in building bridges of understanding between our two nations. no force has ever played as prominent a role in fostering greater prosperity, greater harmony, and greater good will among nations than the positive and in during force of business and commerce. for those of us who are working to promote stronger ties between our two nations, the rise of these and other dialogues is a very positive trend, indeed. while their present challenges

do exist, this increased dialogue represents a sincere desire to build stronger u.s.- china relations. today and in the decade ahead, u.s.-china relationship will be the most important bilateral relationship. strengthening that relationship is better for china, is better for the united states, and it is better for the world. as we come together and understand each other and find more common ground, the less we are likely to raise obstacles to trade, innovation, to investment, and to economic growth. an important example is an agreement signed yesterday between the china council for promotion of international trade, ccpit, and the u.s.-china business council that actually formalizes a series of seminars that provide expert training on

how to invest in the united states to chinese businesses. in the years ahead, we will become more, not less, dependent on each other for our own economic success. it is our strongly held belief that over the long run, innovation and economic growth are the most -- our most effectively achieved by open trade and dialogue. this will be equally true for all other aspects of our relationship as well. for these reasons, we are so extremely pleased to welcome president who and to hear in just a few minutes, his policy speech on u.s.-china relations. in honor of this very historic moment, i would like to propose a toast to presidents hu and to his esteemed delegation.

kombai. to the great future of china, the great future of the united states, and to the continued health of strong-u.s. relations. now i would like to introduce a gentleman and friend who plays a critical role in shaping health u.s. relations with china. secretary of commerce, gary lauck has graciously agreed to make remarks on behalf of the obama administration this afternoon. secretary locke last month co- chaired the meeting last month. two leaders of the dialogue are here today with us, the co- chair, ron kirk and well month

lows in this room, a town of's -- john's the vice premier. i applaud and thank all three of you for the important work. [applause] secretary locke is a strong supporter of balanced and instructed u.s.-china relations. we are fortunate to have him representing our commercial interests here and around the globe. we're fortunate to hear his remarks today. ladies and gentlemen, please join me in welcoming secretary of commerce, gary locke. [applause] >> thank you very much for the introduction and i'm very honored and pleased to be here representing president obama and his administration and to see so many familiar faces who have helped make the relationship between the united states and

china the critically important one that it is today. i also know that there will bait introductions of some speakers who have contributed much to u.s.-china relations over the years. i would like to acknowledge some of them who are in the audience today. i would ask them to all stand. we have with us some of the former ambassadors to china from the united states to have contributed so much to this incredible relationship. ambassador sasser and our current ambassador, please stand up and be recognized. thank you. [applause] there they are in the audience. thank you very much. thank you for your great work. also, trade representatives over the past several years that have done so much to ensure opening of market access on behalf of u.s. companies, you will be hearing from her shortly, but u.s. trade representative carla

hill, mickey cantor and ron kirk. please stand and be acknowledged as well. [applause] and of course, cabinet members -- i see former secretary of defense bill cohen and robert rubin in the audience. thank you for your incredible contributions to u.s.-china relations. [applause] on behalf of president obama, am kirk and lee zak, we welcome our guest of honor, it chided -- chinese president hu jintao was president -- whose leadership has raised the standard of living in china and transformed into a global economic power. it is one that is pulling a critical role in nursing the world economy back to health. it goes without saying that president hu has been an important partner in the developing relationship between china and the united states.

over the years, i have had the pleasure of taking many trips to china. it started more than 20 years ago and each time i visit china,, iawed as to how fast china has grown since the previous visit. under the leadership of president hu and his predecessors and colleagues, during the last three years, we have seen time that left hundreds of millions of its people out of poverty and into the ranks of a growing middle class. this stance as one of the most impressive accomplishments of the modern era and one of the most impressive accomplishments in chinese history. indeed, spending thousands of years, china has contributed so much to world civilization and there are countless inventions and innovations including the abacus and a seismograph, silk and cast-iron, the compass, the clock, gunpowder and fireworks, paper and the printing press,

acupuncture and herbal medicine. china has also made cultural contributions to humanity from the arts and architecture to philosophy and religion. it is no surprise that china has historically been one of the world's great trading nations as .ne and s of ailk road as china has grundy's past 30 years, its importance to the united states and the global economy has ground to the point where today, china and the united states have perhaps the most important bilateral trading relationship in the entire world. ensuring that this relationship continues to be defined by cooperation is in the interest of all of our people. the united states and china must -- must lead the way together in helping the world emerged from one of the worst economic crises in generations.

as we face the great global challenges of our age, poverty reduction, climate change, environmental stewardship, and many others, both nations have a critical role to play. >> a. degree of technological innovation that will challenge our businesses as never before. that is why it is so important that china and the united states maintain our commitments to a global trading system based on openness and respect for the rule of law. only then will capital, new ideas and products flow freely across our borders. we must ensure that our best minds, whether they live in beijing or chicago or san francisco, are able to cooperate and innovate together.

whereas the past few decades could be characterized by china making and the united states consumers taking, we now have a chance to build a more equitable commercial partnership, a relationship that empowers chinese consumers to buy more goods and services for -- from u.s. companies and more chinese companies investing in the united states and chinese and american innovators working side-by-side to develop breakthrough technologies in energy and biotechnology. as china adopt a more open environment for trading and investment and improves the protection and enforcement of intellectual property laws, we will see a more balanced relationship between the united states and china. the united states welcomes president hu jintao's effort is to open china to the global economy. we look forward to working together toward a more mutually benefiting trade relationship

between the united states and china for years to come. president hu, it is a great honor for the american people to host you here and have you here in america. we welcome you. we hope your visit has been productive and enjoyable. after you leave chicago, we hope your entire visit will be one of great memories and great progress. i would like to turn the podium over to the chair of the national committee for u.s.- china relations, a friend of our two great nations. ambassador hill? [applause] >> thank you secretary locke. the national committee on u.s.- china relationships believe our relationship is good for the

chinese people, the american people and the world community. we applaud secretary locke's comments and we appreciate his presence here today. it gives me the enormous pleasure to call upon a dear friend, our 56th secretary of state who has played a dominant role in u.s. foreign policy for more than six decades. beginning with his service in the united states army during world war ii, to his contribution as national security adviser and secretary of state to presidents nixon and ford, henry kissinger has devoted his life to service to his country and a search for global peace. few diplomats had had such an impact on foreign affairs. he pioneered the policy of detente and negotiated a cease-

fire in vietnam and negotiated the paris peace accords. is an unannounced trip to beijing led the groundwork to paving the way for the reestablishment of diplomatic relationships between the united states and china. he is the recipient of a long list of prestigious awards, including the prestigious presidential medal of freedom, our nation's highest award to a civilian. through his prolific writings and global travels, he continues to influence thinking on critical foreign policy issues. please join me in welcoming to the podium a special american and a dear friend, dr. henry

kissinger, who will introduce our guest of honor, the president of the people's republic of china, hu jintao. henry? [applause] >> mr. president, distinguished guests, before i say anything else, let me congratulate president hu jintao on his successful summit in washington , which i am sure will be marked as a turning point that starts a cooperative dimension in dealing with the important issues that are before us.

when we finished the communique announcing my secret visit, someone turned to me and said, this will shake the world. and it did. the opening of relations between china and the united states after so many years of separation did shake the world. since then, eight american presidents, four generations of chinese leaders have worked on this relationship. when i think of the chinese leaders from chairman mao, who

unified the country, to the shopping -- to the start of the reform and opening, to the leader who implemented those concepts in difficult periods, and then to present hu jintao, who developed and built on the achievements of his predecessors and came into a situation where both inside china and on relationships with the rest of the world -- it was a seminal contribution to call for harmony and cooperation and friendship.

at this stage, this call for a harmonious world finds its best expression in close cooperation with the united states -- between the united states and china. if our two countries work together, most of the problems that are before us will find a creative solution. if they do not, there is no possibility for one side or the other achieving a success over the other. therefore, we can call this summit a success not because it

has solved every problem, but because it has shown the way by which the problems can and will be solved and the manner in which our two presidents have worked together. the arrangements they have set up indicate an obligation to all of their associates to work creatively. this is a great achievement. it makes us proud to be in this room. looking back 40 years on

associations, to me and many of the americans here, china is not a foreign country. china is a country of france said think -- sitting around these tables -- a country of friends sitting around these tables. i began by saying that someone said we had done something to shake the world. this generation has a different task. this generation, we came together in a period of controversy. this generation lives in a period of transition. in this period of transition, we

can say we are working to build the world, not to shake it. it is in that spirit that we participants here. i would like to introduce president hu jintao, who has contributed so much to making this world, this cooperation possible and for the vision he has given his society and all of us. [applause]

>> dr. henry kissinger, secretary gary locke, ambassador

mr. muhtar kent, chair of the national committee on u.s.-china relations, ladies and gentlemen, give friends, -- dear friends, i wish to begin to thank the u.s. national committee on u.s.-china relations. i am delighted to have this opportunity to meet friends old and new, to renew friendship and plan for the future. i would like to extend a cordial greetings and best wishes to you and people from various sectors of the united states who have long supported the growth of china-u.s. relations.

on this day 74 years ago, president franklin roosevelt made his inaugural speech. the road of enduring progress. he called on the american people, who were coming out of the depression, to unite as one and forge ahead along the road of enduring progress. today, the turbulence caused by the international financial crisis is receding. the world the economy is returning to growth. there still exists many uncertainties and destabilizating factors making recovery a torturous process.

all the economies, including china and the united states, wants to fully emerge from the crisis as soon as possible and see a full recovery of the world economy. in the face of the international situation and the risks and challenges, the people of our two countries should step up cooperation and work with people across the world to share opportunities, meets challenges and build a better -- meet challenges and build a better future for mankind. ladies and gentlemen, 72 years a chinese leader paid an historic visit to the united states. he said during the visit that the pacific ocean should no

longer be an obstacle that sets us apart. it should be a bond that links us together. history has proved the correctness of this important statement. in the first decade of this century, china and the united states worked together and made steady progress in building a positive, cooperative, and comprehensive relationship for the 21st century. china-u.s. relations have reached unprecedented step -- unprecedented depth. given the ever-changing circumstances in the world and our countries, what should we do to take the u.s.-china relationship into the new decade?

to answer this question, one must identify the basis for the development of china-u.s. relations. it is best to say our two countries have never enjoyed such broad common interests and shouldered such important common responsibilities as we do today. first china and the united states are committed to upholding world peace and stability and reforming the international system. china is the largest developing country. the united states is the largest developed one. the steady growth of our relations itself is a major contributor to world peace and stability. our two countries having gays in the coordination and cooperation

on a range -- our two countries have engaged in coordination and cooperation on a range of hot- button issues. we pushed for a major progress in international efforts on climate change and non- proliferation and facilitated positive outcomes after the g-20 summit and other meetings. we have joined the rest of the international community to say scott -- international community to safeguard the international systems. both china and the united states are committed to the stability of the asia pacific region. the asia-pacific region is where china and the united states have the most overriding interests. cooperation between our two countries in the region is

crucial to the regional situation and the growth of our financial relations. china and the united states have maintained close communications and coordination on regional hot spot issues such as afghanistan and south asia and have played a constructive role in promoting peace, development, mutual trust, and usually beneficial cooperation in the region. both china and the united states are committed to a stronger bilateral cooperation that benefits our to peoples. the united states is china's second largest export market and a large source of investment. china is the united states' third largest export market and the fastest growing one. preliminary statistics show that the quality of chinese

products have saved american consumers over $600 billion. for many american countries, their business in china has become the biggest source of profits in their global operations. even in 2008 and 2009 when the international financial crisis was most severe, over 70% of american companies in china remained profitable. today, 3 million torres -- tourists travel between the two countries every year. friendly exchanges between china and the american people have contributed to their own cultural progress and to the exchanges and the mutual learning between the eastern and western civilizations. they have given a strong boost to the overall progress of human

civilization. looking ahead, we are fully confident about the prospects of u.s.-china relations. i would like to propose that we take the following steps to develop the growth of our relations. first, bear in mind the overall interests take a long-term perspective. china-u.s. relationships do not mean one side gains and the other side loses. it should be a relationship with the two sides respect each other and act to deepen mutual trust. it should be a relationship that highlights stronger cooperation in all fields. the two sides should handle the

bilateral relationship from a global perspective in keeping with the trend of the times. we should keep our relations on the path of equality, mutual respect, mutual trust, mutual benefits and common development. to do that, we should increase high-level exchanges, the bin and expand communication at all levels -- deepen and expand communication at all levels, and further increase mutual trust, dispel misgivings, and build consensus. second, seize opportunities and take innovative steps to build a new pattern of mutually beneficial economic cooperation. both china and the united states

are undergoing economic restructuring. we are promoting the development of the health, education, and other social programs. all of this presents new opportunities for us to forge new areas of economic cooperation. china wants to work with the united states to forge a framework of brodeur and stronger economic cooperation. -- broader and stronger economic cooperation. we can expand cooperation on energy, the environment, an education and broaden cooperation in other areas like infrastructure and smart power

grids. in this way, we will make our business ties even stronger and create more jobs and wealth for our people. third, in terms of our communication and consultation, and deepening coordination and cooperation in addressing global challenges on a hot spot issues, china and the united states should pursue global cooperation as partners to fulfil, irresponsibility and me, and challenges. we should enhance consultation and coordination on global issues such as climate change, energy, and security and public health security through bilateral and multilateral channels. maintain dialogue on regional

security, regional cooperation, and hot spot issues. and work together for the more -- itable, the just -and equitable and just world. we should work together to promote peace and spine -- peace and prosperity in the asia- pacific region. and turn the asia-pacific in tinto a region where the united states and china work together on the basis of mutual respect. fourth, vigorously promote friendly exchanges between the areas sectors in our two countries. this hinges on the broad

support and active involvement of people from all walks of life in the two countries. we should draw up a plan our culture and education and encourage more dialogue and exchanges between the legislatures, a local authority, business communities, institutions, media organizations and other sectors so that more and more people will become supporters of stronger china-u.s. relations and get actively involved in this worthy cause. we need to put in extra efforts to boost exchanges between our young people to insure that the young regeneration will carry forward china-u.s. friendship. fifth, treat each other past as equals. the review of the history of our

relation tells us that china- u.s. relations will enjoy a smooth and steady growth when the two countries had a well issues that involve each other's major interests. otherwise, our relations will suffer constant trouble and sentence. taiwan and tibet related issues concern china's sovereignty and territorial integrity. they touch upon the national sentiment of the 1.3 billion chinese. we hope that the u.s. will honor its commitment and work with us to preserve the progress of our relations. china and the united states are different in history, culture, social progress and development levels. it is only normal that we have some disagreements and friction.

we should review and have no bilateral relations from a strategic and long-term perspective and with a sense of responsibility to history and the future. we should prevent our relations from being affected or held by any individual incident at any particular time. we should increase mutual trust, remove obstacles and work together to build a china-u.s. partnership based on the tool benefits. -- based on mutual benefits. the first decade of the 21st century has just passed. it was a decade when china made remarkable achievement in its reform and about endeavors. its relation with the rest of the world notably strengthened. the chinese economy grew at an average annual rate of around 11%. the chinese people's livelihood

markedly improved. during these 10 years, china imported $687 billion u.s. dollars worth of goods on average every year. and created more than 14 million years -- more than 40 million jobs. china joined the international community in an active effort to counter the international financial crisis. and promote the peaceful settlement of international disputes on hot spot issues. china took an active part in the international cooperation in addressing global issues and work with countries around the world to safeguard world peace and promote common development. despite the remarkable achievements in china's development, we are aware that china is still the largest

developing country in the world. we still have a long way to go before we can achieve our national development goal. development is the key to resolving all the problems in china. we must pursue scientific developments that puts people first and emphasizes comprehensive coordinated, and sustainable development. we need to develop a more holistic approach to development and attach greater importance to ensuring an improving people's well-being and promoting social equity and justice. china has set out the guiding principles, strategic objectives, and major tasks for social development in the coming five years. we will continue to deepen

reform and opening up advanced economic, political, cultural, and social restructuring in an all-around way and improve the socialist market economy. we will develop a socialist democracy and build a socialist country under the rule of law. we will work for vigorous development and prosperity, and hence harmony, and improve our economy in all respects. through these efforts, we will make continuous progress in our endeavor to build a prosperous, strong, democratic, culturally advanced, modern socialist country. we will stick to the basic state policy of opening to the outside world and follow a win-win strategy to opening up. we will continue to advance china's interests in the broader context of the common

interest of the international community and expand and deepen the converging interests with others. we welcome the presentation of other countries in china also development to share out the development opportunity -- in china's development to share our development opportunities. we will remain committed to the path of peaceful development, continue to strive for a peaceful international environment to develop ourselves, and uphold and promote world peace through our own development. china stands for peaceful settlement of international disputes and hot spot issues and follows a national defense policy. we do not engage in an arms race or pose a military threat

to any country. china will never seek hegemony over policy. to advance the sustained, sound, and steady development of china-u.s. relations searcy common interests of our peace -- of our people. working together hand in hand, we will build and develop a china-u.s. cooperative partnership based on mutual respect and mutual benefit. we will deliver greater benefits to the people of our two countries and the world over. thank you. [applause]

>> president hu, we thank you for those important, and sign for remarks. we also thank you for your company and the company of your esteemed delegation. this has been truly productive. ladies and gentlemen, please enjoy lunch and enjoyed the conversation. thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011]

>> congress returns to session this week to work on a number of items. the house that alls -- gavels in at 2:00 p.m. they will debate a a bill -- debate a bill to reduce spending to fiscal year 2008 levels. the senate returns on tuesday.

a proposal aims to limit win and how they filibuster can be used. live coverage of the senate can be seen on c-span 2. this weekend on "road to the white house tw kappao -- on "road to the white house." two speeches. >> i know it is shocking when a girl goes to iowa that there is that speculation that might come on. i am here to be a part of that compensation for 2012. i am part of the conversation.

there has been no decision about candidacy, but i want to be part of the compensation. >> watch her speech in its entirety today on "road to the white house" at 63930 p.m. eastern and pacific. >> president obama traveled to a general electric plant in schenectady, new york on friday to talk about the time. he was joined by general electric ceo, jeff immelt, who has been named to an economic advisory council. this is about 25 minutes.

>> mr. president, welcome to the birthplace of ge more than 100 years ago. i would like to think this is where capitalism and innovation was really born, right here in schenectady. we are proud of the site. we are proud of all of you. this business was one of the few businesses that had positive earnings every year during the crisis. we did it because we are an export company. in this facility, we have 4000

employees. they do a fantastic job. in the capital region, they are big with 7000 employees. we innovate with the global research center. we build things here. we are a big exporter. 90% of the things build in this facility are exported outside of the united states. it is an example of what we want to do to renew this company and this company. at ge, the future is given to number one. we have to compete and we have to win. this team can compete with anybody in the world. [applause] we can absolutely do what it takes. in the vein of competitiveness and exports and manufacturing and innovation, it really is an honor to welcome you here today.

i at had the honor of working with austin will be on the advisory board -- i have had the honor of working with austin buls been --austan goolsbee on the advisory board. i share in the responsibility and the accountability to make sure this is the most competitive and productive company in the world. president obama, we are honored to have you here today. welcome. it is good to be with you. [applause] >> thank you. hello, schenectady. [applause] it is good to be in new york. if i am not mistaken, governor cuomo, who is going to be an

outstanding governor, tried to give me a jet pack. i had to refuse it. i had secret service confiscate it. i will say that both the jets and the bears are slight underdogs. we will be rooting for the underdogs on sunday. in addition to governor cuomo, i want to and knowledge needed to governor. [applause] -- i want to acknowledge the lieutenant governor. senator chuck schumer and senator kirsten gillibrand are here. members of the congressional delegation from up this way.

[applause] the attorney general is here. the outstanding mayor of schenectady, who flew up with me because we had an event at the white house with mayors, he was on marine one and air force one. he look like he was having a good time. [applause] and from albany, mayor jerry jennings is here. thank you. jeff, thank you for the outstanding introduction. and thank you, ge. it is outstanding to be here.

i have seen all kinds of fancy stuff being made here, being manufactured here at this plant. it is unbelievably impressive. it is part of a proud tradition. ge has been producing turbines and generations -- and generators here in schenectady for more than a century. a lot has changed. we have seen technology transformed the way we work and the way we communicate with each other. we have seen our economy transformed by rising competition from around the globe. over the years, in the wake of the shift, upstate new york and places like it have seen more of their fair share of hard times. what has never changed -- we see it right here at this plant -- is that america is still home to the most creative and the most innovative businesses in

the world. we have the most productive workers in the world. america is home to inventors, and dramas, and builders, and creators -- and dreamers and creators.and you are creating things that improve our lives and drive our economy. across the country, there are entrepreneurs opening businesses, researchers testing new medical treatments, engineers testing the limits and poring over lines of code, there are workers like you on assembly lines all across the country eager to create some of the best products the world has ever seen. there are still in training to take new jobs. in this community, ge is

building one of the most sophisticated manufacturing facilities to produce state of the art batteries. [applause] last year, you opened the headquarters of your renewable energy operations and you created 650 jobs on this campus. [applause] of our challenge, especially as we continue to fight our way back from the worst recession in our lifetime, is to harness this spirit, to harness this potential, the potential of the represent. our challenge is to do everything we can to make it easier for folks to bring products to market and to start and expand new businesses and to grow and hire new workers. i want plants like this all

across america. you are a model of what is possible. as part of the tax-cut compromise i signed at the end of the year, which provided incentives for businesses to make new capital investments. is investing $13 million at this plant taking advantage of the tax breaks. we also extended a program that ge says its customers have used to invest $6 million to drive demand in wind turbines. i saw one of those turbines on the way in. we know we can compete, not just in the industries of the past, but in the industries in the future. but in an ever shrinking world, our success in these efforts

will be determined not only by what we build in schenectady, but why -- but by what we can sell in shanghai. for america to compete around the world, we need to export more goods around the world. that is where the customers are. [applause] as i was walking through the plant and you guys put up some handy sign so i knew what i was looking at. they said this is going to kuwait. this is going to india. this is going to saudi arabia. that is where the customers are. we want to sell them products made here in america. that is why i met with chinese leaders this week. jeff joins me at the state dinner. we struck a deal to sell our products. we want to open up their markets

so that we have two way trade, not just one way trade. the deals we have struck are going to mean more than $45 billion in new business for american companies. $45 billion. that translates into 235,000 new jobs for american workers. [applause] that is also why i fought hard to negotiate a new trade deal with south korea that will create more than 7000 american jobs. i travel to india and jeff was with us. we reached an agreement to export $10 billion in business. that is going to lead to more

jobs in the united states. [applause] parts of the reason i wanted to come to this plant is because this plant is what that trip was all about. as part of the deal we struck in india, gp is going to -- ge is going to create turbines to export to india. most of you have not heard of the city. now you need to know about it because your point to be selling to them. that new business halfway -- because you are going to be selling to them. that new business will support more than 400 engineering jobs right here in this community because of that sale. [applause] it is a perfect example of why promoting exports is so important. that is why i set a goal of doubling american exports within

five years. we are on track to do it. we are already up 18%. we are going to keep going because we are going to sell more and more stuff all around the world. when a company sells products overseas, it leads to hiring on our shores. the deal in india means jobs in schenectady. that is why we accelerate growth and create opportunities for our people. that is how we go from an economy that powers -- and economic power by what we consume. we were spending a lot on credit cards. everyone was borrowing a lot. the chinese were selling a lot to us. folks were selling a lot to us all over the world. we have to reverse that. we want an economy fueled by what we invent and what we build. we are going to go back to thomas edison's principle. we are going to build stuff and

invent stuff. no one understands this better than jeff immelt. he understands what it takes for america to compete in the global economy. i have appreciated his wisdom during these past two years. we had a difficult crisis on our hands. i assembled a group of business leaders to form a new advisory board. at that time, the economy was in a freefall. we were facing the prospect of another great depression with ripple effect all over the world. it was not just the united states. the entire world economy was contracting. at such a dangerous moment, it was essential that we heard from business leaders and experts who were not part of the usual washington crowd. i tasked jeff and the other advisers with one mission. help steer our economy from

recession to economy. -- from recession to recovery. i have been grateful for their advice. i especially want to commend the man who chaired the panel, one of the nation's p.m. and it economist, paul volcker. he offered on varnished advice. he was unafraid to counter the conventional wisdom. he did a great service to this country. it was six months ago today that i signed into law a set of financial reforms that protect consumers and put an end to tax payer funded bailout. that was an achievement for which paul volcker was instrumental. we are proud of that work. [applause] two years later, we are in a different place. because of the economic plan my recovery board helped to shape,

the economy is growing again. businesses have added more than 1 million jobs. the pace of hiring and growth is picking up. that is encouraging news. at the same time, while businesses are adding jobs, many people are still looking for work. even in schenectady, i know everyone here has a neighbor or relative who is still out of work. it is a great thing that the economy is growing. it is not growing fast enough yet to make up for the damage that was done by the recession. the past two years or about pulling our economy back from the brink. the next two years, our job now, is putting our economic into overdrive. our job is to do everything we can to ensure that businesses can take root, folks can find good jobs, and america is leading the global competition

that will determine our success in the 21st century. i am assembling a new group of business leaders and outside advisers. i am so proud and pleased that jeff has agreed to chair this panel, my counsel on jobs and competitiveness. -- council on jobs and competitiveness. [applause] i hope you don't mind. i am going to brag about your boss for a second. he brings a wealth of experience to the table. he is one of the nation's most expected -- most respected and admired business leaders. in a couple of days, we will be announcing the business leaders and labor leaders that will be joining jeff to help guide us into that overdrive mode. i know this council will be an

important factor to help us ensure this nation can compete with any nation on the planet. that means spurring energy like clean energy manufacturing and ensuring our economy is not held back by broken down infrastructure. it means educating and training our people. i had a chance to meet one of the guys here at the plant who was trained at hudson valley, which i had an opportunity to visit a while back. that is an example of the kind of partnership we have to duplicate across the country. schenectady offers that kind of example. hudson valley community college created a program so students could are a paycheck and have their tuition covered while training for jobs at this plant. that is helping folks find good

work. it is helping ge still highly skilled positions. it is helping this whole region be more competitive. winning this global competition comes down to living up to the promise of places like this. here in schenectady, you are the heirs to a great tradition of innovation and enterprise, the pioneering work of thomas edison that made the modern age possible. the filaments that still like our homes, the x-rays that diagnose disease, the renewable energy sources that holds so much promise for the future. in these pioneering efforts, we see what america is all about. we see what has, in our path, allowed us to whether rough storms and reach -- weather rough storms and reach brighter days. this is america. we still have that sense of

optimism and that belief that if we work hard and give it our all, anything is possible in this country. the future belongs to us. you at this plant are showing us the way forward. thank you so much everybody. not bless you -- god bless you. god bless the united states of america. [applause] ♪

♪er fault wh