mr. hu has expressed confidence in europe overcoming its present economic difficulties. i am joined from beijing by the chairman of the china focused private equity firm. welcome to the show. stock. s. at there is a lot of concerns that the euro-zone debt plan has been thrown into a tailspin. should china step in to help? >> i think china is ready to do what it can, but not if there is no plan. especially there is no end game in sight. the simple fact that the referendum was able to cause some was problems shows that the circumstances are changing so rapidly that it is impossible for the chinese authorities to see where their help should go. is it going to lead to the germanification of the euro- zone, or will let it go and help support the likes of mf flobal, as well as other financial institutions that might have bet on the debt or cdo's. unless there is a clear plan and an end game in sight, it is difficult for people to ask china to help. >> and do you foresee a clear plan becoming more apparent, especially after this latest crisis? >> i think it is very, very diffic

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mr. president. yesterday in a speech before business leaders, you said that you want china to play by the rules. and then your staff later said that in a bilateral meeting with president hu that you expressed that american business leaders are growing frustrated with the pace of change in china's economy. what rules is china not playing by? what specific steps do you need to see from china? and what punitive actions is your administration willing to take as you said it would yesterday if china does not play by the rules? >> well, first of all, i also said yesterday that we welcome the peaceful rise of china. it is in america's interest to see china succeed in lifting hundreds of millions of people out of poverty. china can be a source of stability and help to underwrite international norms and codes of conduct. and so what we've done over the last two years is to try to develop a frank, consistent open relationship and dialogue with china. and it's yielded considerable benefits. for example, you know, support for issues like iran. but what i've also said to chinese leadership since i came into office, when it comes to their economic practices, there are a range of things