U.S., China Discuss Global Economic Concerns

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President Barack Obama is calling on China to rely more on their domestic market and less on exports to the U.S.

Obama declared a new era of "cooperation, not confrontation" with China on Monday, as the administration hosts hundreds of Chinese diplomats this week in Washington. 

"The relationship between the United States and China will shape the 21st century, which makes it as important as any bilateral relationship in the world," Obama said.

The two-day meetings are to discuss key economic issues like Chinese exports, pressing China to rely more on domestic demand and less on exports that drive up the U.S. trade deficit.

U.S. manufacturers complain they cannot fairly compete with their Chinese competitors, while China fears Obama's stimulus spending will send the dollar into major inflation.  China holds more than $800 billion of U.S. debt.

Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner lead Monday's meetings. The Chinese delegation was led by Chinese State Councilor Dai Bingguo and Vice Premier Wang Qishan.

Both Wang and Geithner gave hopeful signs that the economy was beginning to rise from its worst financial crisis since the Great Depression. 

Source: The Associated Press

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