JOIN US"As we look to the future, what's needed, I believe, is a spirit of cooperation that is also friendly competition," Obama said at a joint White House news conference with Hu.
The positive, constructive, cooperative US-China relationship is good for both the countries, he said.
"Cooperation between our countries is also good for the world. Along with our G20 partners, we’ve moved from the brink of catastrophe to the beginning of global economic recovery.
"With our Security Council partners, we passed and are enforcing the strongest sanctions to date against Iran over its nuclear programme. We've worked together to reduce tensions on the Korean Peninsula. And most recently, we welcomed China's support for the historic referendum in southern Sudan," he said.
"In areas like those that I just mentioned, we will cooperate -— forging partnerships and making progress that neither nation can achieve alone. In other areas, we’ll compete -— a healthy competition that spurs both countries to innovate and become even more competitive," Obama said.
"That's the kind of relationship I see for the United States and China in the 21st century, and that's the kind of relationship that we advanced today," he said.
The two countries also announced dozens of deals that will increase US exports by more than USD 45 billion and also increase China's investment in the United States by several billion dollars.
"From machinery to software, from aviation to agriculture, these deals will support some 235,000 American jobs. And that includes many manufacturing jobs. So this is great news for America's workers," Obama said.
"I did also stress to President Hu that there has to be a level playing field for American companies competing in China, that trade has to be fair. So I welcomed his commitment that American companies will not be discriminated against when they compete for Chinese government procurement contracts. I appreciate his willingness to take new steps to combat the theft of intellectual property," he said.
To advance their shared security, the two countries are expanding and deepening dialogue and cooperation between their militaries, which increases trust and reduces misunderstandings, he said.
"With regard to regional stability and security in East Asia, I stressed that the United States has a fundamental interest in maintaining freedom of navigation, unimpeded commerce, respect for international law and the peaceful resolution of differences," he said.
"I welcomed the progress that's been made on both sides of the Taiwan Strait in reducing tensions and building economic ties. And we hope this progress continues, because it's in the interest of both sides, the region and the United States. Indeed, I reaffirmed our commitment to a one-China policy based on the three US-China communiqués and the Taiwan Relations Act," Obama said.
"I told President Hu that we appreciated China's role in reducing tensions on the Korean Peninsula, and we agreed that North Korea must avoid further provocations. I also said that North Korea's nuclear and ballistic missile program is increasingly a direct threat to the security of the United States and our allies," he said.
"We agreed that the paramount goal must be complete denuclearization of the peninsula. In that regard, the international community must continue to state clearly that North Korea's uranium enrichment program is in violation of North Korea's commitments and international obligations," he said.
"To prevent the spread of nuclear weapons, we agreed that Iran must uphold its international obligations and that the UN Security Council sanctions on Iran must be fully enforced," Obama said.
"Along with our P5-plus-1 partners, we’ll continue to offer the government of Iran the opportunity for dialogue and integration into the international community, but only if it meets its obligations," he added.
Obama said China's rise is potentially good for the world.
"To the extent that China is functioning as a responsible actor on the world stage, to the extent that we have a partner in ensuring that weapons of mass destruction don't fall into the hands of terrorists or rogue states, to the extent that we have a partner in dealing with regional hotspots, to the extent that we have a partner in addressing issues like climate change or a pandemic, to the extent that we have a partner who is helping poorer countries in Asia or in Africa further develop so that they, too, can be part of the world economy -- that is something that can help create stability and order and prosperity around the world. And that's the kind of partnership that we’d like to see," he said.