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Obama discusses climate, economy with Hu Jint -

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US President Barack Obama has held talks on climate change and trade with Chinese President Hu
Jintao, with the two vowing to work together on both issues.

Transcript

TONY JONES, PRESENTER: The US President Barack Obama has held talks with his Chinese counterpart,
President Hu Jintao - the most important meeting of his Asian tour. One of the key topics was
climate change, with President Obama saying the two countries are aiming to help deliver an accord
on the issue at Copenhagen. They also vowed to work together to stabilise the global economy. China
correspondent Stephen McDonell reports from Beijing.

STEPHEN MCDONELL, REPORTER: If United States President Barack Obama was around 100 years ago he
would have met China's leaders here at the Forbidden City. Today, he visited the palace at the
heart of the Beijing, aware of the symbolism that his trip is bringing to China-US relations.
Earlier, he walked into the Great Hall of the People alongside his host, President Hu Jintao. Their
arrival was met with considerable fanfare.

According to United States President Barack Obama, the world is watching what these two leaders can
come up with on climate change, but trade tensions are also high on the agenda here. The US wants
China's currency to appreciate to allow local consumers to buy American exports. China wants to
keep its currency lower to let millions more people here trade their way out of poverty. But Hu
Jintao says they can cooperate on combating future recessions.

HU JINTAO, CHINESE PRESIDENT (voiceover translation): We also exchanged views on the current
international economic and financial situation. And we believe that now the world economy has shown
some positive signs of stabilising and recovery. But the foundations for this recovery is not
firmly established. The two sides reiterated that they will continue to increase dialogue and
cooperation in macroeconomic and financial policies.

STEPHEN MCDONELL: President Barack Obama was talking up climate change provisions.

BARACK OBAMA, US PRESIDENT: As the two largest consumers and producers of energy, there can be no
solution to this challenge without the efforts of both China and the United States. We are creating
a joint clean energy research centre and have achieved agreements on energy efficiency and
renewable energy, cleaner uses of coal, electric vehicles and shale gas. We also agreed to work
toward a successful outcome in Copenhagen. Our aim there, in support of what Prime Minister
Rasmussen of Denmark is trying to achieve, is not a partial accord or a political declaration, but
rather an accord that covers all of the issues in the negotiations and one that has immediate
operational effect.

STEPHEN MCDONELL: President Obama said he wanted to have a meeting of minds here and these two
leaders did speak of their preparedness to cooperate with one another. But today's announcements
were largely symbolic and there wasn't very much detail.

There's time for more substantial talks, but behind closed doors.