china. however, pingpong diplomacy does not justify -- just apply to the u.s. team trip to china in 1971 and the chinese team trip to the u.s.a. in 1972. ping-pong diplomacy also applies to the role of sports in bringing people together in peaceful interactions. in sports, we have a common language that transcends national boundaries and cultural differences. we gain perspective and understanding, and we learn appreciation for each other. through the legacy of ping-pong diplomacy, we carry forward to the new generations a new people's revolution. it is one that carries a world wide message of peace, love, and cooperation. [applause] >> thank you. now, i would like to ask mayor lee to come back to the podium because we have some presentations to make to the delegation. and we are going to be helped, too, with the pronunciation of the names so we make sure that we get them all correct. [applause] >> [inaudible] whene'er [applause] [reading names] >> before the exhibition, i have one announcement to make, and i know supervisor mar will appreciate this. this summer

u.s. is concerned about china's organization. u.s. wants china to be more transparent in its military development and also concerned about the security of south china sea because china has the disputes with several countries include vietnam, south korea, japan, indonesia, etc. and also u.s. want china's cooperation regarding north korea nuclear proliferation an also iran. for china, particularly concerned about weapons sales to taiwan and china hope that the u.s. should reduce or even stop weapons sales to taiwan and also concerned about the military exercise. economic issues will also be an important part of the discussion, china is concerned about the investment, particularly china has $1.21 trillion of treasury bond in the u.s. it's very much concerned about security. for u.s. want china to be more more cooperative and continue to buy the u.s. treasury bonds and also to have more banners that trade, rather than hoping that the china will appreciate its r&b. >> so, chang li, you mentioned about the south china sea disputes and the u.

u.s.-china governors from. january, secretary of state hillary clinton and chinese foreign minister yong signed a memorandum of understanding supporting the u.s.-china government for them. since then the national governors' association has partnered with madame lee of the chinese people's association for friendship and foreign countries to provide a forum in which the buyers could discuss issues of mutual concern as trade and investment, educational exchanges and cooperation on energy and the environment. those efforts have culminated in to this meeting today. a truly historic meeting. an opportunity for us to hear from her one another and exchange ideas as governors. leaders tasked with finding new opportunities and developing meaningful partnerships for the future. we will hear brief presentations on each of these topics by both the u.s. and chinese gunners, then we will open the floor to discussion and now i would like to turn the program over to madame lee. >> thank you. [speaking in native tongue] >> transl

u.s. printed too much money to try to solve its problems, he says. many in china feel the same way. of beijing, few have a clear opinion on the state of america's credit rating. but many are quick to accuse the u.s. of dragging china into what could be the next round of a global recession. china's government-controlled media is growing with complaints about america's debt problem. a weekend editorial in china's xinhua news agency stated the days when the debt-ridden uncle sam could leisurely squander unlimited overseas borrowing apeers to be numbered. china's own credit rating agency dagong is equally pessimistic, downgrading its u.s. credit rating twice in less than a year. from a-plus down to "a." as america's economic ideals don't fundamentally change, it will not increase its ability to repay its debt, and the situation will only get worse, the agency's chairman says. but few in china expect their government to stop funding american debt through the purchase of u.s. treasuries. china is america's largest creditor. but it's also counting on americans to continue buying its produc

china. beijing is the largest foreign holder of the u.s. debt and sometimes they've been pretty blunt in the way america has handled its finances. with more on that is cnn grant. i can understand why china might follow this with a little bit more interest than usual. actually they've been laughing up their sleeves the way the americans with their volted democratic system can't come up with the goods in terms of what will keep the financial markets happy, right? >> you are right about that, charles. there are two sides the political and economic. certainly when it comes to the political side, china never really loses an opportunity to do a little bit of chest beating. editorials here in state-run media accusing the united states of playing a political game of chicken, saying they are politically kidnapping the world and accusing u.s. congress of being dangerously irresponsible. that of course playses to the sense of national lichl here, the sense that people see the emerging rivalry between china and the united states, and as i say, a chance

u.s. credit rating china wants assurances the u.s. will indeed continue making payments on that china also continues to develop at a rapid rate leading the way on everything from industry to technology to their standing in the global economy but i really want to focus on this relationship between the two countries as we move ahead in what is a trying time for the u.s. and an increase increasingly successful time for china while to help me do that earlier i spoke to former ambassador to saudi arabia chas freeman and i asked him how things have changed since the days when former president ronald reagan was pledging to china that the u.s. would stand by its side here's his response. politically we do have a lot of operation economically were incredibly interview and. there's a problem for both of us jobs in the united states migrating to china. the american dollar is held by trying to use in such quantity that they're worried frightened about what might happen. in the military sphere we've gone through two days under reagan and very bad d

china and the u.s. are beginning to get a bit strange that china is up upping their military presence there upping their stealth jet fighter technology exciter up so currency wars would seem perfectly in keeping with the idea of pay back on rating agency would politicize that decision somewhat because the world war three were all engaged with now is a currency war so. is there this type of talk inside china here in shanghai to people see this as an emerging currency war today is this type of language at all you're you're right there in shanghai is this what's going on i don't see many people talking of the currency wars is actually the political it's becoming more of a political issue here to keep the renminbi lol into keep should be individually united states and have them print them that's what's finally catching people's notice hears it why are we where we were twelve hours a day in the factories and should be shipping products over united states and just have them print money though obviously the u.s

there's a slick battle brewing between china and the u.s. at stake canada's oil so what will win out principles or economic interests. and as u.s. president obama rides a bus across america trying to ease economic worries france and germany are pushing for a common sense approach to saving the eurozone by actually balancing their budgets so should the u.s. follow suit. which. is meant to. run the economy to russia itself or through national systems and that may be true but. is this still technology meant to a global revolutionaries so could it also be an excuse for the u.s. to launch it or to global playground. good evening it's wednesday august seventeenth i'm lauren lyster here in washington d.c. and you're watching our t.v. while president obama is in his old home of illinois today he's riding around the midwest on a reported one point one million dollars bus paid for taxpayers mind you unveiling a plan to convince the news focused on creating jobs oh yeah and it is not a reelection campaign sure we will have more on that later in our sho

u.s. and china, played during the u.s. -- the 31st world championship. it is because of that money assets between the players, we certainly opened the door. this door opens something remarkable for our future in terms of our relationship between u.s. and china. this afternoon, players come together to celebrate this remarkable moment. i feel very honored and very pleased and just feel a kind of family bond. thank you. [applause] >> [speaking chinese] >> let me say something about our delegation. this delegation is consisting of three generations. you might notice that we have the first generation to participate in ping-pong diplomacy 40 years ago. also, we have the leader generation, who are also our national players. she studied at the university of wisconsin, madison, right now, and also a player just finished his study in the u.s., now in china. a third-generation of the delegation is two young ladies representing the future of the friendship and the relationship, so this is a very good combination of our delegation, and it symbolizes the deep relatio

china then takes us dollars and in the past few years past decade really has been buying u.s. treasuries with it. and that's really as you're exactly right china has to. renminbi to soak up those dollars and that's what's really led to the high inflation here in china own you know official inflation region china are five to six percent but most people here will tell you there are closer to ten percent. so in a rising room in b. is going to help the inflation problem in china and i think go the central bank here in china finally is coming to a conclusion as well how do you know one of the biggest problems with the u.s. dollar of course is that the u.s. instead of dealing with their banker corruption problem they're simply printing more dollars to end the hopes that by bailing out the creditors during the last five year mortgage fraud that somehow the growth engine will start up at some point and what we're seeing is of course the exact opposite they're just exacerbating the problem so that's a problem with the u.s. dollar as a reserve currency but about china is also printing up

u.s. credit rating china wants assurances that the u.s. will indeed continue making payments on that that china also continues to develop at a rapid rate leading the way on everything from industry to technology to their standing in the global economy but i. i want to focus on the relationship between the two countries as we move ahead in what is certainly a trying time for the u.s. and increase an increasingly says successful time for china now let me do that i have here in studio former ambassador to saudi arabia chas freeman jersey premier says i so much for being on today i know you have a lot of insight on this i know also that you were president nixon's lead interpreter and that to china back in one nine hundred seventy two this and certainly broke some major ground about visit and a few years later another president president reagan spoke a little bit about the u.s. relationship with china i want to play something really quick that he said and then we'll talk about it today i bring you a message from my country as china moves forward

he says this is an investment in the future china-u.s. relation. discussions are expected to touch on the global economy, china's nuclear program, and north korea's attempt to buy f-16 fighter jets. china is the largest foreign holder of american bonds. following his trips to china and mongolia, biden will head to japan. he'll spend three days in this country starting next monday. the u.s. vice president will meet prime minister nato kahn. he'll also travel to sendai city to observe reconstruction efforts following the march 11 disaster. >>> the indian government is attempting to calm growing protests following the arrest of an anti-corruption campaigners. police detain anna hazare on tuesday as he was about to stage a public hunger strike in new delhi to demand the government act immediately against corruption. his arrest triggered protests across india. his supporters call hazare's jailing undemocratic. in parliament, opposition lawmakers are also increasing their criticism against the government. in an attempt to ease tensions, the government off

he says this is an investment in the future china-u.s. relation. discussions are expected to touch on the global economy, china's nuclear program, and north korea's attempt to buy f-16 fighter jets. china is the largest foreign holder of american bonds. following his trips to china and mongolia, biden will head to japan. he'll spend three days in this country starting next monday. the u.s. vice president will meet prime minister nato kahn. he'll also travel to sendai city to observe reconstruction efforts following the march 11 disaster. >>> the indian government is attempting to calm growing protests following the arrest of an anti-corruption campaigners. police detain anna hazare on tuesday as he was about to stage a public hunger strike in new delhi to demand the government act immediately against corruption. his arrest triggered protests across india. his supporters call hazare's jailing undemocratic. in parliament, opposition lawmakers are also increasing their criticism against the government. in an attempt to ease tensions, the government off

u.s. as america's largest foreign creditor, china holds $1.2 trillion in u.s. government bonds.today, vice-president joe biden tried to shore up confidence in the u.s. economy. he told chinese president hu jintao that, when it comes to chinese investments in the u.s., "you have nothing to worry about." >> to get straight to the point, mr. president, president obama asked me to come to beijing to meet with you and others to reaffirm our absolute, total commitment to a strong and enduring positive relationship with china. >> brown: still, the recent debt ceiling battle in washington has drawn sharp criticism from beijing. last month, the state-run news agency, xinhua, complained the u.s. debate "kidnapped" the worldwide economy. it said american politicians had engaged in "dangerously irresponsible" political brinksmanship. this week, amid the biden visit, china's vice president xi jinping, who is expected to become president in 2013, took a friendlier tack. >> ( translated ): in the current new situation, china and the u.s. share a wider common interest. we should also bear more

the relationship between china and the u.s. is crucial because both are superpowers. the challenge for young people are around the world but especially around china and the u.s. is what, to be smart, encouraged to think, creative, also occurs to laugh. also putting yourself in the shoes of someone else so you have a sensitivity to them as you are very very smart. i will stop there. [applause] tavis: our conversation started with a simple question, is the criticism that the strict chinese system keeps even the smartest student thinking for themselves valid? should critical thinking be a more important part of the curriculum in china? >> i am totally for it. tavis: you think young people don't do this enough in china? >> you want more details? tavis: tell me more why you feel that way. >> i am a student in liberal arts. what we are studying is history and politics and also geography. that is what i hate most in history, that we are on the memorizing facts. we don't know whether this is really the history, we are only memorizing them. we don't really feel them. that is wh

u.s. credit rating. chinais the largest foreign holder of american bonds. >>> following his trips to china and mongolia, biden will head to japan and spend three days in this country starting next monday. the u.s. vice president will meet prime minister naoto kan and he'll also travel to sendai city to observe reconstruction efforts following the march 11th disaster. >>> the chinese government is denying international media reports that it gained access to a top secret american military helicopter. the stealth aircraft crashed in may during the raid that killed osama bin laden. media reports said pakistani authorities let chinese engineers see the wreckage of the helicopter. some government and intelligence sources said the engineers snapped photos and even took away samples from the chopper's tail section. the surface material is believed to hold the key to the aircraft's radar-evading capabilities. china's defense ministry describes the allegations as unfounded and absurd. pakistan and china are allies. they

china is printing a lot of r. and b. as part of that relationship with the u.s. they're the biggest exporter us of the biggest consumer yeah absolutely what happens basically is a chinese factory you're a company will export something to near example walmart the company here in china will receive u.s. dollars those dollars then go back to a bank in china enter convert it back into rim and be a trader then takes the u.s. dollars and in the past few years past decade really has been buying u.s. treasuries with it. and that's really as you're exactly right china has to print rim indeed to soak up those dollars and that's what's really led to the high inflation here in china you know official inflation rate in china are five to six percent but most people here would tell you they're closer to ten percent. so when it is rising remember he is going to help the inflation problem in china and i think the central bank here in china finally has come to a conclusion as well ok you know one of the biggest problems with the u.s. dollar of course is that the u.s. instead of dea

u.s. losing out to china economically already and what's not. important country's principles or economic interests when it comes to these issues let's take a look at what's going on with oil in canada as an example so the u.s. imports about half of its oil in canada is the largest foreign supplier of oil to the united states that's followed by saudi arabia mexico and venezuela now canada's only major oil export market is the u.s. ok now enter the vast reserves of oil in oil sands in alberta the u.s. views this as the pillar of its future energy needs building a pipeline to deliver it but here's the problem it's been stopped by environmental concerns and regulations also this oil from the oil sands is known as dirty oil and environmentalists are not fans meanwhile as the u.s. flags in just what it wants to do someone is very willing and eager to step in its china and they're willing to spend big money for a big piece of these oil reserves and check out how the leaders in canada have changed their tune in general towards china now that it's looking

u.s. and china working together. he made this comment on a trip to china, where he is trying to shore up confidence in u.s. bonds. biden is spending five days in china, which has the largest dollar reserves in the world after the u.s. beijing is seeking reassurances that dollar assets and treasury bonds are safe. standard and poors recently downgraded the sovereign credit rating of the u.s. china has accused washington of reckless fiscal policy. >> pope benedictus 16 has received eight joyous -- a joyous welcome inadrid. it is to promote open less -- openness and tolerance. he encouraged people to rediscover their catholic roots as a strength. over 2 million catholics e attending the four days of worship, study, and celebrations. >> an adoringrowd gathered at madrid airport to greet pope benedict. he was met by the king and queen of spain and the priáe minister. the pope is visiting a country in economic crisis. over 45% of young people are out of work. many spaniards say it is no time to be spending an estimated 100

that china might over the u.s. next year in many in many regards china has already overtaken clearly. the suppose it number one economy in the united states and that's when you're looking at the physical economy physical production there on the purchasing power adjusted basis because they're renminbi is undervalued and you need to reflect that when looking at economic sizes it does seem a bit ironic though doesn't it that china is the biggest foreign buyer of u.s. treasuries so you would wonder how a country with approximately seventy percent of reserves invested in dollar assets could really benefit from the u.s. as current problems. well i didn't say they go you said that. but basically you know you have to put your money somewhere at the end of the day and what you need to understand is first of all what's the nature of the rest of that crisis projection by standard and poor's made in the year two thousand there were six years before now where they actually projected that all the major western governments were he

." >> we stay with the china story for a moment. the u.s. in beijing where he's kicked off a five-day visit at a critical juncture in economic relations between china and the united states. >> the return to recession starts to grow tensions between the world's biggest debtor nation and its biggest foreign creditor are bound to be returning high. that promises to make mr. biden's visit a particularly busy and interesting one. >> he'll be holding talks today with a man who's widely expected to become china's next president. and on pri he'll be meeting china's current leader, hu jintao. biden's visit is less about striking deals than it is about building trust after the damaging debt debate in washington. with us now for more on that is eunice unyun. what's the message coming out of today's meetings do you think? >> well, certainly considering the economic backdrop of this visit, vice president biden has his work cut out for him. he went to the people today where he was greeted officially by chinese needers, including his counterpart. and the tw

u.s. considers the right human rights record or environmental concerns ahead of big business interests who's winning china or the u.s. . well i think from a purely economic standpoint is it's clear that china has experienced the most extraordinary growth since the early parts of the industrial revolution in western europe so china's growth has been seven eight nine ten percent for almost twenty years so there's no doubt that getting out of the way of people who want to do who want to trade freely is the best way to grow your economy there is also a very strong argument to say that the best way to get environmental protection is to grow your economy to have excess wealth that is necessary to have luxuries like scrubbers on your smokestacks and think of all the people who drove to work using gas to invent email of the fax machine but if i asked you reduce the amount of gas that is required to ship documents around the world so i think the what you want to do is get as much wealth as possible that gives you the excess welcomed you need for environmental controls denying a forty five billion dollars of econom

troops there become less and less or at least we can deal more directly with the china u.s. issue why is though north korea making these positive signals being prepared to make concessions why now. well what's forgotten is that they've been saying they would return to the talks throughout today have been saying to the united states that they would give up all nuclear weapons in exchange for peace and normalized relations such as russia has and one hundred fifty seven fifty eight countries have with north korea so there's not a big change there are what we're hopeful about is that there's a change in the attitudes a little in the south with an election coming up in twenty and in the united states a change because we're spending so much money and so many billions of dollars in korea right now perhaps administration is beginning to understand that there could be peace dividend here so this visit to russia by kim jong il what way could russia play an important role obviously we need to be talking about economy trade ties but in what way could russia play a mediations role here a

"avatar" had the second-largest box office in china next to the u.s.. they are very hungry for the chinese market. going back and forth between the two for decades, the big hollywood studios are at china's door. >> antavis: a lot of consumers. >> they also help to influence media and there are several companies that are doing extremely well. they're learning the film techniques of the west. that is very exciting, beyond the material wealth and growth. it is a very creative place. tavis: i asked this question to henry kissinger. your quick take on what our economic implosion, how that has been interpreted in china. >> it is really interesting because, when i visited the last couple of years, every time i talk with the banking regulators to the major bank germans, they always ask this question about how the heck did things get screwed up -- bank chairman's, they always ask this question about how the heck did things get screwup. in a country where government has a big part of controlling the economy, they want to make sure that there is no way on earth th

u.s.-china relationship. i have to tell you that we're not going to project that might even though we're still 25% of the world's g.d.p. until such time as we get our own economic house in order. so longer term, i would argue that the best u.s.-china policy is that which must take place right here on the homefront and that's getting our economy back in working order, which is to create a more competitive environment here. we don't have an environment that is conducive to job growth. our taxes are dilapidated. they need to be changed. they need to be updated. they need to be simplified, flattened and more competitive. we have regulatory barriers and a lot of red tape. that makes it difficult for business to start up and indeed for us to maintain any real industrial base in our country. there are things like energy independence that are real opportunities for this country that could be job creators and allow this economy to really move forward in ways that would benefit this nation. it's all there. it all needs

u.s. could hurt china, any damage to u.s. financial credibility could cost china billions of dollar.alysts say china has big reserves of cash and committed to low currency and high export growth is tied to the u.s., like it or not. >> there aren't that many other markets that are as deep or as liquid as other treasuries. in fact, there are none. so when they accumulate reserves, this is really the only place they can put them. >> he has a warning. china needs to start looking elsewhere to put its money. stan grant, cnn, beijing. >>> now there's news of further job cuts of hsbc just as the banking giant reports $9 billion in profits. one of the bank's top executives tell us what those changes will mean. the nascar nationwide se, i know pleasing fans is a top priority, 'cause without the fans, there'd be no nascar. just like if it weren't for customers, there'd be no nationwide. that's why they serve their customers' needs, not shareholder profits. because as a mutual, nationwide doesn't report to wall street, they report to their customers. and that's just one more reason why the earn

u.s. could hurt china. any damage to u.s. financial credibility could cost china billions of dollars.s say china with deep reservings of cash and committed to low currency and high export growth is tied to the u.s., like it or not. >> there aren't that many other markets that are as deep or as liquid as treasuries. in fact, there are none. so when they accumulate reserves, this is really the only place that they can put them. >> reporter: dagong has a warning. china needs to start looking elsewhere to put its money. >> and as we mentioned, president obama has signed the debt ceiling bill into law. dan lothian joins us now in from the white house. dan, let me ask you. the president and the white house aides have talked about a divided congress that wasn't elected to be dysfunctional as they say. and now that the bill has been signed into law, what is the president saying about the process? >> well, you know, they do believe at the white house this was a very messy process but in the end it shows that they were able to find compromise. but you also heard from the president lamenting the

u.s. treasuries. you're watching "world business today." china is the largest hold over u.s. debt. is seeing red, i suppose. we'll take a look at china's anger and find out what beijing plans to do about it. that's ahead. >>> from cnn london, i'm charles hodson. >> and i'm andrew stevens in hong kong. welcome back. you're watching "world business today." >> okay. let's see what's going on in the european market. we're now two minutes into the trading day and we are seeing some of terrell gains fading away there, certainly in terms of the dax. that's off by 2/3 of a percent. a scant gain there for the zurich smi. by the way swiss unemployment held steady at 3%. about what asia, andrew? >> well, charles, as we've been saying, a much worse reaction, stronger reaction in asia to that downgrade today pretty much right across the region. obviously asia is an exporter. obviously u.s. is such a key part of the markets. if you take a look at the numbers there, you see it. that's the damage today. what i would say is it was worse earlier, so there's something at least a little bit of relief t

u.s. expense. >> you were ambassador to china. how easy is it for an american politician to persuade the chinese to do what america wants and needs? >> i of fink and a u.s. politician can persuade the chinese to do anything that they don't want end of a gutsy and their vital interests. the u.s. can influence chinese policies somewhat, but the chinese themselves want to formulate their policy and what they perceive to be a vital interest to china. china is so absorbent in its own economic problems, its own domestic and social unrest. they are not going to want any advice from the united states about how to resolve this problem. >> and from economic to military. russia showed off a new stealth fighter jet. the first public appearance, her watching on was the prime minister. now to somalia where as many as 400,000 children could starve to death unless urgent action is taking her to tackle a famine. andrew mitchell is the first british minister to visit the capital for 18 years. >> the most dangerous city in the world, and the hundredt

u.s. to show china that it is still safe to invest in u.s. treasury bonds. >> it's very good i think for the biden party to reassure the chinese that it's still safe for china to pocket huge reserve in the u.s. treasury bonds, that will not be an expensive quantitative easing along the lines. >> biden will also visit part of china that were devastated by massive earthquake in 2008. this was vice president's biden first visit to china since taking that office. >>> still ahead, you can get the temperature with your direction. the new feature that just showed up on google maps. >> but first, the harsh message that president obama is sending syria's president today. >>> president obama is calling on syrian president to resign. the brutal response to protesters said he was unfit. president says he is imprezzing and slaughtering and torturing his own people. new sa announced today. syrian government assets in the u.s. have been frozen and americans are prohibited from making new investment in the country. this morning hillary clinton spoke about thi

u.s. to divert china's ambitions. the officials arrived on the uss george washington on saturday at the invitation of the u.s. navy. they watched aircraft practice landing on the nuclear power carrier. the leader of the delegation hopes to strengthen cooperation with united states for peace and stability in the western pacific and the south china sea. the official welcomed u.s. he r. the event comes amid disputes between vietnam and other countries and china over islands in the south china sea. three days before the official visit, china test launched its first aircraft carrier as part of its military build y up. it had been refurbished. >>> the sri lanka government is carrying out a major study of wild elephants in an effort to protect the animals. workers are now going over data from a recent consensus. it exists of elephant and farmers that's become serious in the country. there are an estimated 500 wild elephants in sri lanka. about 250 of them are killed every year mostly by farmers defending their crops and villa

u.s. to divert china's ambitions. the officials arrived on the uss george washington on saturday at the invitation of the u.s. navy. they watched aircraft practice landing on the nuclear power carrier. the leader of the delegation hopes to strengthen cooperation with united states for peace and stability in the western pacific and the south china sea. the official welcomed u.s. policy in the region. the event comes amid disputes between vietnam and other countries and china over islands in the south china sea. three days before the official visit, china test launched its first aircraft carrier as part of its military build y up. it had been refurbished. >>> the sri lanka government is carrying out a major study of wild elephants in an effort to protect the animals. workers are now going over data from a recent consensus. it exists of elephant and farmers that's become serious in the country. there are an estimated 500 wild elephants in sri lanka. about 250 of them are killed every year mostly by farmers defending their

u.s. to show china that it is still safe to invest in u.s. treasury bonds. >> it's very good i think for the biden party to reassure the chinese that it's still safe for china to pocket huge reserve in the u.s. treasury bonds, that will not be an expensive quantitative easing along the lines. >> biden will also visit part of china that were devastated by massive earthquake in 2008. this was vice president's biden first visit to china since taking that office. >>> still ahead, you can get the temperature with your direction. the new feature that just showed up on google maps. >> but first, the harsh message that president obama is sending syria's president today. copd makes it hard to breathe, so i wasn't playing much of a role in my own life, but with advair, i'm breathing better so now i can take the lead on a science adventure. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator, working together to help improve your

u.s.-china sports relations. an american basketball institution travels to a hoops-crazed land.seemed like a diplomatic slam dunk, a good will diversion as china's state-run paper scolds us for our debts and politics. as the pentagon wonders why they suddenly need that new aircraft carrier. as vice president biden drops by beijing to make nice with their presumed future leader. but when the bayi rockets and the georgetown hoyas took the floor, all that good will turned into punches and kicks. flying water bottles and menacing folding chairs. it's just the latest example of sports imitating life. our relationship with china played out in parallel. 1971. relations were completely frozen until a u.s. table tennis team broke the ice. it was a huge turning point, best described by forrest gump. >> they decided the best way for me to fight the communists was to play ping-pong. we were the first americans to visit the land of china in like a million years or something like that. >> reporter: a year later president nixon went to beijing, and our relations changed forever. as china's sta

china's hunger is a boom to u.s. rmers. >> i don't think your average consumer realizes how much is going over to china and how important that market is for the u.s. economy. when something happens in china, it directly affects my farm and our grain prices. >> reporter: china's move up the global food chain impacts american consumers, too. the department of agriculture warns grocery prices will rise up to 4% this year. the communist leadership's latest plan includes increasing military spending, increasing the structure from starvation to plenty within the memory of a single family. >>> coming up later on "the early show," the comeback of joplin, missouri, three months after the city was destroyed by a tornado that killed 160 people. we'll see how things are going. this is back to class day for joplin's nearly 8,000 school kids. >>> the weight loss myth about calorie counting and the top 50 websites. that's the "cbs morning news" for this wednesday. thanks for watching everyone. i'm betty nguyen. have a great day. --

u.s.-china relationship. i have to tell you that we're not going to project that might even though we're still 25% of the world's g.d.p. until such time as we get our own economic house in order. so longer term, i would argue that the best u.s.-china policy is that which must take place right here on the homefront and that's getting our economy back in working order, which is to create a more competitive environment here. we don't have an environment that is conducive to job growth. our taxes are dilapidated. they need to be changed. they need to be updated. they need to be simplified, flattened and more competitive. we have regulatory barriers and a lot of red tape. that makes it difficult for business to start up and indeed for us to maintain any real industrial base in our country. there are things like energy independence that are real opportunities for this country that could be job creators and allow this economy to really move forward in ways that would benefit this nation. it's all there. it all needs

u.s. vice president joe biden has urged china to improve its human rights. he also called for the release of pro democracy activists and lawyers. biden made the remarks during his lecture on u.s.-china relations at a university at shandu city on sunday. >> maybe the biggest difference in our respective approaches are what we refer to as human rights. that prosperity peaks when governments foster both free enterprise and free exchange of ideas. >> biden apparently sought the release of the actists and lawyers including imprisoned nobel peace price winner. saying the u.s. president's benefitted regional stability and allowed china to focus on its economic development. but he added the united states needs china's cooperation on the issue of development of nuclear weapons in iran and north korea. during his visit, the vice president and the chinese leadership agreed to work together to stabilize global financial markets and enhance regional security. biden will visit japan on monday and meet the countries prime minister naoto kan. they're scheduled to talk about

article about the red back and how china is actually more and more trade is happening in china in asia in the u.s. so they're there they're all sorts of currency swaps happening so china is actually expanding the pool of central bank reserves of the u.s. that's rights of chinese are doing bilateral currency swaps with russia. and other countries so they've been moving out of the u.s. dollar as world reserve currency status for a while it's like the old joke about the husband knowing the last one to know that his wife's been cheating on him the american people are the last months in the world to know that the rest of the world has been cheating on the us dollar they've abandoned the u.s. dollar years ago and only now is it becoming an issue in the us but it's been an issue around the world ever since china became part of the world trade organization and you have this massive transfer of labor from the u.s. to china taking advantage of the so-called wage arbitrage thanks drew. bill clinton which gutted manufacturing in america and when they talk about this debt ceiling and the need to stimulate and