u.s. officials said china has agreed to allow u.s. companies greater access to government contracts and u.s. financial firms will now be allowed to sell mutual funds in china. chinese officials say the u.s. has agreed to relax export controls on certain goods and services. these agreements, at the end of the u.s.-china strategic and economic dialogue in washington. this is part of yesterday's talks which includes a news conference. >> good afternoon, i want to begin by thanking our chinese colleagues and the entire chinese delegation for a productive and comprehensive dialogue between us. along with secretary died near, i also want to thank everyone on the american side, not just those in the state department or treasury but in deed from across our government. the unprecedented level of involvement and the extraordinary work that has taken place since our last meeting in beijing was truly impressive. his strategic and economic dialogue continues to grow broader and deeper. it reflects the complexity and importance of our bilateral rel

u.s./china strategic and economic dialogue begins in washington today. it brings together leading officials to talk about the relationship between two countries. u.s. treasury secretary tim geithner leads the economic part of the talks, wang qishan represents china. he's vice premier of china. he oversees the economy and foreign trade. he's a member of the 25 politburo which sets policy for the government and communist party. he's the former mayor of beijing and has been the go-to guy on the chinese government from everything from sars, the olympics and the banking crisis. at the opening session today, wang and secretary geithner reaffirmed the importance of the u.s./chinese relationship. >> we have far more shared interests and corporation between differences and competition. the reforms we must both pursue to meet these challenges are not in conflict and the strength of our economies are still largely complementary. and we each recognize that our ability to work together is important to the overall health and stability of the global economy. >> rose: se

u.s. talks about china the u.s. mainstream media and the leadership obama clinton their statements about being back in the word us being involved in an international struggle a battle for influence as clinton has said with china this is all about preserving their great power interest at the expense of the people of the world a lot more than then just the sound bite that you hear at the podium at this summit will have to wait and see to who has the upper hand economically speaking with the issue of the currency china's currency being key on the table as well as the u.s. debt and deficit that was raymond lotta author of american decline is also a contributor to revolution newspaper and a longtime analyst of maoists and host maoist china now today is a very very special day in russia it's been sixty six years since nazi germany was defeated and world war two and russia is marking victory day that's actually what this ribbon that i'm wearing is for now events a commemoration and celebration are taking place across the co

china. as a result u.s. debt has ballooned to more than fourteen trillion dollars much of that debt is owned by china it's at a time when many of the country's neighborhoods look like this and urban areas like this still for sun including the mainstream media the military is often the first priority when it comes to spending beijing is rapidly modernizing its strategic nuclear forces and developing space weaponry china is developing ten varieties of ballistic missiles some of which will be able to strike the continental united states but critics say the threat from china is not the people's liberation army the threat from china is its growing economic might like every economist you talk to in washington now adays is saying the new one soon is going to be. the the actual currency of the world maybe by two thousand and twenty so the economic promise of washington should lead and not the pentagon so for. and. on this day top leaders here are offering with this message building mutual trust and respect will help

u.s. and china it comes at a time when the u.s. faces record that and much of that debt is owned by china our case christine for that attended those meetings today the u.s. strategic china china strategic and economic dialogue rather and she shows us how the relationship between the two countries is evolving take a look. they say you should keep your friends close. and your enemies closer and as far as where china fits perceptions continue to evolve at this year's u.s. china strategic economic dialogue an attempt by officials from both the u.s. and china a friendship we each recognize that our ability to group together it's important for the overall health and stability of the economy their friends the people of thailand the united states in the same global village. on the western side we own the east the purpose to open communication on concerns like the debt ceiling in the u.s. and the rate of currency appreciation in china and joint concerns about the environment we both have a great state encouraging find a change and charting a

the china-u.s. strategic and economic dialog have already completed its through-round and we invite friends from the media to come here for a successful conclusion and so i would like to thank you. this round of dialog was held as president hu jintao paid a successful visit to the united states and they agreed to be based on the mutual respect and benefit. i want to tell you the following. first, on the strategic track, secretary clinton and i focused on the agreement of our two leaders. and exchanged views on how to view a china-u.s. cooperative partnership based on mutual respect and mutual benefit. we had in-depth and practical exchange of views. our dialog covered many issues including china-u.s. bilateral relations. major issues, internationally and regionally. and we had a good conversation. we agreed that we must act in accordance with the state of the china-u.s. state. and have exchanges at higher levels, have closer dialog on international and regional issues and to further increase our peo

relations, we cannot but pay high tribute to those icebreakers, pioneers, and the builders of china-u.s. relations. more importantly, we shall learn from their foresight and the pioneering spirit because we have to bring chinese-u.s. relations forward. the china-u.s. relationship is that is extremely important point in history. president hu jintao and president obama met in washington this past january, a time when we have just entered the second decade of the 21st century. together, the two presidents decided to build a cooperative partnership based on mutual respect and mutual benefit, charting a clear course for the future of china-u.s. relations. history will show that the decision they made is a historic one that accords with the tide of history and serves the benefit of the people of china, the united states, and the world. admittedly, it is no easy task to make this major decision a living reality and turn commitment into real actions as we may face all sorts of difficulties, obstacles, and interference on the way ahead. i am confident that as so rigid that so long as both sides

china/u.s. strategic and economic dialogue. on behalf of the chinese delegation, i would like to express sincere thanks for the arrangements. president hue gin too -- hu jintao asks me and state counsel to convey his greetings to president obama, vice president biden, secretary clinton, secretary geithner and all those who work for the -- [inaudible] on the u.s. side. president hu jintao highly appreciates the important role in deepening understanding, strategic mutual trust and strengthening cooperation between our two countries at bilateral, regional and global levels. he hopes that both the chinese and u.s. sides will make the most of this round of dialogue to have in-depth exchange of views on ways to further enhance strategic mutual trust and deepen practical cooperation. he looks forward to the implementation of the agreement he reachessed with president obama and the advancement of the china/u.s. cooperative partnership based on mutual respect and mutual benefit. dear colleagues, last jan

talks about china the u.s. mainstream media and the leadership obama clinton their statements about being back in asia or us being involved in an international struggle a battle for influence is clinton said with china this is all about preserving their great power interest at the expense of the people of the world. uncovering those standards in hi-fi nuts ice kaiser and co his to stacy hermits assess the price of food in the eyes of the u.s. federal reserve system it's a quick preview of the kinds of reports coming up today. if you're ben bernanke the the way to do the job as he conducts his policy first take a large stick and poke out your eye there now you're half blind now look at the statistics in front of you and don't count wages and look at the tips treasury inflation protected securities and any time they start moving up use taxpayer money to buy a whole bunch in the open market to keep the price artificially low and then going for a congress with one i pulled out and say well the tips are not going up

china. they spoke at a dialogue between u.s. and china. and tim geithner is allowing for china to increase their value for exports to be chaeaper ther. this is 45 minutes. >> good morning, we are delighted to welcome you here to the department the interior, a department that deals with the beautiful landscape and nature of our country along with the national parks that have been established. it's a very historic building, which is appropriate for the third round of the strategic and economic dialogue. >> it's such an honor to host representative wang qishan and bingguo, we are joined by china representatives and will be joined by vice president biden. and he is looking forward to meet with the teams later today. the strategic dialogue is a premier forum in a bilateral leadership that is important and complex than any in the world. since we first gathered in washington in 2009, the breadth and depth of our discussions and relationships with our government have grown significantly. through these meetings and the informal conversations like l

charting a clear course for the future of china-u.s. relations. history will show that the decisions they made is a historic one. that accords with the time of history and serves the benefits of the people of china, the united states, and the world. admittedly, it is no easy task to make this major decision a living reality, and turn commitment into real actions. as we may face all sorts of difficulties, obstacles, and interference on the way ahead, i'm confident, however, that so long as both sides -- [inaudible] in the 21st century, stick to the directions with resolution and never waiver in our determination to overcome whatever difficulties coming our way. we will make a new part of major contributions featuring mutual respect, harmonious coexistence and a win-win cooperation so that our people and our future generations will live in the sunshine of lasting peace, friendship, and cooperation. i am standing here addressing you as a 70 year-old man. i may not look that old. actually, i have turned 70. an age when i should do home and enjoy the co

china/u.s. cooperative partnership based on mutual respect and benefits. dear colleagues, last january the president paid a visit to the united states. it was a historic visit that achieved great success with vision and foresight, the president opened a new page in china/u.s. relations. china/u.s. relations have kept moving forward, despite twists and turns. we are hardly interdependence and mutually interdependent. the united states is china's second-largest export market. china is the largest export market for the united states. together they account for one- third of the world's gdp and one-fifth of global trade. china/u.s. relations have far exceeded the bilateral scope and have acquired growing global significance. we are witnessing profound and complex changes in the world economic landscape, changes that are driven by globalization. at present, we still face many uncertainties well we are thriving to topple the global economic recession and sustained local economic recovery. -- global eco

u.s. and thus remains. china never intends to challenge the u.s.. china welcomes a constructive u.s. role in maintaining and promoting peace, stability and prosperity in the asia-pacific region. we hope for and objective and accurate picture of china drawn by our american friends and the consequent leave that china and chinese at ministry. [speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese] >> translator: it is necessary to engage in dialogue in practical and various military fields. the communications and exchanges are an important prerequisite for better understanding of the agreement. practical cooperation is an effective way to trust and foster friendships. it is to work with u.s. military to view trust through engagement , facilitate collaboration with trust and promote the development of the relationship through the collaboration. we agree extensively on the issues. chinese and u.s. military will have high-level contact institutionalized dialogue and professional exchanges. in addition to greater cooperation in the security fields including tauter piracy.

it opened a new page in the china-u.s. relations. china-u.s. relations have kept moving forward. we are interdependent and mutually complimentary. the net is states is china's second largest import market. china is the fastest-growing export market for the united states. together, china and the united states account for one-third of the world gdp and one-fifth of global trade. china-u.s. relationships have far exceeded and have acquired a growing global significance. we are witnessing profound and complex changes in the world economic landscape. at present, we still face many uncertainties. economic and social development in china and united states faced those common challenges. there are both -- there are clashes and our respective policies. however, we have far more shared interest than differences and competition. both sides of must make better use as a framework for examination of long-term and strategic issues and take a forward steps. dear colleagues, the past and present have proven and the future will prove that nothing can hold back china-u.s. cooperation. we have confide

china u.s. strategic and economic dialogue have continued for each and every round we invite friends from the media to come here to join a successful conclusion so i would like to thank you. with a lot of dialogue both held as president hu jintao earlier this year we agree to build the partnership based on the respect and mutual benefit. i want to tell you the following. first, on the strategic track, secretary clinton and i focused on the agreement of the two leaders and exchanged views on how to deal with china u.s. cooperative partnership based on the mutual respect and the mutual benefit that we had in the practical exchange of views. >> our dialogue covered many issues including china's u.s. bilateral relations, major issues, international and regionally, and we had a group conversation. we agreed that we must act in accordance with the chinese u.s. joint statement to increase the strategic mutual trust and post exchanges at higher levels, have closer dialogue on international and regional

china. as a result u.s. debt has ballooned to more than fourteen trillion dollars much of that debt is owned by china it's at a time when many of the country's neighborhoods look like this an urban areas like this still first sun including the mainstream media the military is often the first priority when it comes to spending beijing is rapidly modernizing its strategic nuclear forces and developing space weaponry but critics say the threat from china is not the people's liberation army the threat from china is it's growing economic might like every economist you talk to in washington i would say the u. one is going to be. the actual currency of the world maybe by two thousand and twenty so the economic policy of washington should lead and not the president so friend or foe on this day top leaders here are our friends with this message building mutual trust and respect will help us to solve shared problems but that view may change again when it comes time to play different secure more money and more power for

u.s. has with china. steven, a member of the president of the national committee on u.s.hina relations will be our guest for that discussion. we'll be right back. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> this june on indepth, the balance between security and liberty. the difficulties of the climate change treaty and the limits of international law. your questions for author and university of chicago law professor eric pose anywhere, his books include law and social norms and the perils of legal globalism. and he will take your e-mails and tweets. >> this weekend on american history tv on c-span 3, former massachusetts governor and presidential candidate michael due cackcass on the master politician calvin coolage and how he evolved into a popular figure. a look back at jimmy carter and his handling of the energy crisis in the 1970s. and on sunday may 22, american history tv will be live from mississippi for the 50 anniversary of the freedom riders. get the complete weekend schedule at c-span.org/hi

china strategic economic dialogue an attempt by officials from both the u.s. and china that friendship the purpose to open communication on concerns like the debt ceiling in the u.s. and the rate of currency appreciation in china and joint concerns about the environment we both have a great state encouraging find a change and charting a clean and secure energy future currently china is the second highest producer in the world of renewable energy technology the us seventeen the overriding theme for day one of the u.s. train a strategic and economic dialogue mutual respect and understanding just because there is competition doesn't mean there can't be cooperation competition is not bad competition is good. this is the reason why i have held the view for so many years and continue to hold the view that a rising china is a positive development it's a far cry from the dialogue of recent times were tough decision makers in the u.s. have been told that an increased power means an increased threat one that will eventually need to be dealt with by war each year the pent

u.s. and china. one of the goals is to allow the u.s. and china to iron out of some of their political and economic differences. on the headline issue of china's currency, there has been some progress and some unusual results. darren gersh reports. >> reporter: after adjusting for inflation, china's currency is up 10% against the dollar since last summer. that has taken some of the pressure off the trade issue, but today treasury secretary timothy giethner still urged his chinese counterparts to do more. >> in china, building on the remarkable reforms of the last 30 years, the challenge is to lay the foundation for a new growth model driven more by domestic demand with a more flexible exchange rate. >> reporter: u.s. and chinese economic officials are meeting under somewhat unusual economic circumstances. the two biggest economies in the world both have currencies that are falling in value. the chinese yuan has fallen 2% against most trading partners since last summer. >> it's reducing the export competitiveness of other countries. >> rep

u.s. and their currency in china now do you remember he is pegged to the dollar so every time the u.s. prints money every time ben bernanke the prints money china has to print money who's a currency manipulator china or the u.s. that's the big question here are you going well obviously this is a tale of legs a dog or vice versa you can't really say china is the currency manipulator of their peg into the dollar which is being manipulated but it's the world reserve currency so they say walk if you possibly manipulated because they live in a snow globe of denial they're in a world with a three hundred sixty degrees of fraud they don't see that there is a currency manipulator tim geithner you're the currency manipulator max the central banks around the world i would disagree that if anyone unique when i'm we're in disagreement on that one because china's empty. it was up fifteen point three percent in april alone so they're doing a darn good job printing money and in response to this limit down regulators expanded the range in which gasoline and oil futures control. but again they're they'r

u.s. is going to stay way ahead. china probably won't equal the u.s. n the gdp per capita until somewhere around 2040 or well into the century. the other thing is that these projections about china being equal to the u.s. in the 2020s are one-dimensional. they look at economic power. they ignore military power. it's hard to see china equaling the u.s. in military power for another 20 years or so. they also ignore soft power. and while china has made a mayor investment -- major investment in soft power and hu jintao basically told the communist party that china should invest in soft power, they are not going to be able to project soft power as effectively as the u.s. so long as they take the authoritarian political position that they have. if you take the example of the beijing olympics or the shanghai expo, great confucius institutes, but then you go and lock up lew saw bow and shoot yourself or in the foot. you undercut all that soft power you've invested in. so until china changes, i don't see it being able to come close to the americans in soft power

china's heavy reliance on foreign currency. and that builds their dollar kind of on the u.s. dollar against not have a customer for all of it treasuries anymore well china is not relying on the u.s. currency they're stockpiling it the u.s. currency relies on china to prop it up i mean people keep saying that china has an export economy they don't they have a production economy the fact that they export their bit to production is their loss if they simply let the dollar fall and their own currency rise they would still produce except it would be the chinese who would enjoy the products that are being produced instead of americans and the chinese economy would be much stronger and instead of investing all their savings in treasuries where they're basically squandering them they can invest more productively and improving their own. plant equipment and their own efficiencies and have an even more vibrant economy than they have today and that's an area that is the u.s. is the u.s. kind of out of luck because the united states does rely on china to not to be the buyer of u.s. treasu

we talked about the rise of china, u.s. leadership, singapore's political system and his leadership. tonight we show you that conversation again. >> will singapore have and can it under what you want to see a true democracy? >> american style. >> rose: yes. >> no. >> rose: what is an american style democracy? >> your first amendment says you can say anything you like. >> rose: yes. you can't have that. >> you cannot say anything you like about religion, race and culture. they are forbidden. they are sensitive issues, you cause a stir and you are in big trouble. >> rose: an encore presentation of lee kuan yew next. >> funding for charlie rose was provided by the following: every story needs a hero we can all root for. who beats the odds and comes out on top. but this isn't just a hollywood storyline. it's happening every day, all across america. every time a storefront opens. or the midnight oil is burned. or when someone chases a dream, not just a dollar. they are small business owners. so if you wanna root for a real hero,

i think both china and the u.s. l more confident the strength and the durability of the recovery. and we see an important aspect of what we talked about when we were rebalancing growth is that financial sector reform in china can play a very important role. i just gave one example of how roughly 75% of chinese household savings, very large savings are still in bank deposits that large earlier in - read of return after inflation. if china can over time he is the restrictions on the interest rates the banks can offer depositors that's going to put more money in the chinese consumer's pockets and help promote china's efforts to promote consumption lead the economy. >> is it your fifth question or -- i can't remember. [laughter] lost count halfway through. >> on the important issue you raised to think that it's our position that we want to approach this critical matter. we are from a principled and consistent approach. you will see that in the president's meeting and the secretary's statements and all her meetings we rai

china and the u.k. you go before the u.s. the u.s. benefits if the u.s. nd china grow even benefits etc i figure it's a very good way to run the country's finances but from what i'm seeing from the outside looking in as an outsider. i can't see them doing anything else besides that because each step they each. of the three entities are taking don't seem to be fundamentally sustainable and justifiable politically just enough for them it's me just. like what some call the currency war and the world war three being the currency pets is exactly what's going on thanks again for being the kaiser report ok very welcome back again that's going to do it for this edition of the kaiser report with me max kaiser. thank my guests reggie middleton of. you want to send me an e-mail please do at kaiser report that or. are you guys are saying. that here broadcasting live from washington d.c. coming up today on the big picture.

u.s.-china relationship, we go to phelim kine, a researcher at human rights watch who focuses on china. and robert kapp, the former president of the u.s.-china business council. he now advises businesses and nonprofit organizations dealing with china. gentlemen, thank you both for being with us. flooen kine, do you first. how would you describe the human rights situation over the last few months in china. >> what we documented particularly since mid february of this year is a serious spike in repression in china. we have seen the chinese government security forces arresting, detaining and more alarmingly illegally, unlawfully disappearing dozens of human rights lawyers, civil society activists, bloggers, writers, and artists. and this is a serious concern because obviously these are the types of people who have been advocating for change in china, who have been advocating with their government for rule of law, for the chinese government to obey the laws in its own constitution and embodied in its own regulatory infrainfrastructure. >> woodruff: how does this compare with what we've seen

the other thing is that these projections about china being equal to the u.s. in the 2020s are one dimensional. they look at economic power. they ignored military power. it's hard to see china declaring the u.s. in military power for another 20 years or so. they also ignored soft power. while china has major investments in soft power, in hu jintao they basically tell the 17th power congress they should invest in soft power, he mentioned they were not able to reject soft power as effectively as the u.s. so long as they keep the authoritarian political position they have. if you take the example of beijing olympics, or you take the shanghai expo, greg confucius institutes, but then you go and to lock up folks, talk about -- toss out the nobel prize assembly, you cut yourself in the foot. so until china changes, i don't see it being able to come close to the americans soft power either. you might say why worry about all this, why fuss? is this just another way, we are number one, pretending we are the green bay packers or something? the answer to that is no. power