Obama: China Helped U.S. Out of Recession

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As President Barack Obama winds down his historic visit to China, he's crediting the communist nation with helping the U.S. economy to recover from the worst recession since World War II.

The president and Chinese President Hu Jintao met for a wide range of talks Tuesday, but much of their discussions centered on the economy.

Obama said the government is committed to a strategy of spending less and saving more.

Meanwhile, America's budget deficit is skyrocketing to a yearly record of $1.42 trillion and China is America's biggest creditor.

"So far China's partnership has proved critical in our effort to pull ourselves out of the worst recession in generations," Obama said.

Beijing has expressed concern that the falling price of the dollar threatens the value of its U.S. holdings.

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