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China-US economic talks to open China-US economic talks kick off
(about 2 hours later)
The first meeting of the Obama administration's US-China Strategic and Economic Dialogue is due to get under way in Washington. Top leaders of the US and China are meeting in Washington to discuss key economic and political differences.
US President Barack Obama is to address the two-day meeting, to which China has sent Vice Premier Wang Qishan and State Councillor Dai Bingguo. President Obama said the relationship between the US and China would shape the 21st century and said the two shared a "mutual interest".
China is worried about the value of the US dollar. China has sent Vice Premier Wang Qishan and State Councillor Dai Bingguo.
It holds huge amounts of US debt - more than $800bn (£486bn) of US Treasury securities alone. The meeting, called the US-China Strategic and Economic Dialogue, is the first formal negotiation between the US and China since Mr Obama took office.
The two sides have several economic and political issues.
China is worried about the value of the US dollar. It holds huge amounts of US debt - more than $800bn (£486bn) of US Treasury securities alone.
It fears President Obama's stimulus spending will stoke inflation in the United States, eroding the value of the dollar and making the US debt China holds worth a lot less.It fears President Obama's stimulus spending will stoke inflation in the United States, eroding the value of the dollar and making the US debt China holds worth a lot less.
President Obama called for cooperation between the two countries to advance their "mutual interest in lasting economic recovery".
US Secretary of State Hillary Clinton opened the talks with Chinese officials, hailing an opportunity for better relations between the countries.
Mrs Clinton said that the two "are laying brick by brick the foundation of a stronger relationship".
Ties that bindTies that bind
At these talks the US Treasury Secretary Timothy Geithner will be seeking to soothe those fears.At these talks the US Treasury Secretary Timothy Geithner will be seeking to soothe those fears.
He has already tried to reassure the Chinese their assets will be protected.He has already tried to reassure the Chinese their assets will be protected.
But China is not convinced.But China is not convinced.
KEY ISSUES Values of dollar and yuanThe US will press China to rely less on exports and more on domestic consumptionChina will push for the US to make a priority of curbing inflationBoth sides will seek reassurances over accusations of trade protectionismNorth Korea's nuclear programmeClimate change and clean energyKEY ISSUES Values of dollar and yuanThe US will press China to rely less on exports and more on domestic consumptionChina will push for the US to make a priority of curbing inflationBoth sides will seek reassurances over accusations of trade protectionismNorth Korea's nuclear programmeClimate change and clean energy
US manufacturers complain they cannot compete fairly with their Chinese competitors.US manufacturers complain they cannot compete fairly with their Chinese competitors.
Some accuse Beijing of deliberately devaluing its currency to make its exports seem cheaper.Some accuse Beijing of deliberately devaluing its currency to make its exports seem cheaper.
China is unlikely to concede any ground on this point. GDP growth might be picking up here but the country's exporters are still struggling.China is unlikely to concede any ground on this point. GDP growth might be picking up here but the country's exporters are still struggling.
China and the US are well aware they need each other.China and the US are well aware they need each other.
Their economies are bound together tightly.Their economies are bound together tightly.
That does not mean they always agree when it comes to trade for example - far from it - but it does mean they accept the need to sort out problems in forums like this.That does not mean they always agree when it comes to trade for example - far from it - but it does mean they accept the need to sort out problems in forums like this.
'Positive and productive''Positive and productive'
Barack Obama and China's President Hu Jintao met on the sidelines of the G20 summit that was held in London in April.Barack Obama and China's President Hu Jintao met on the sidelines of the G20 summit that was held in London in April.
This is the first meeting of the Strategic and Economic Dialogue group that the two leaders agreed to establish to tackle the global financial crisis and strengthen the world's financial systems.This is the first meeting of the Strategic and Economic Dialogue group that the two leaders agreed to establish to tackle the global financial crisis and strengthen the world's financial systems.
As well as the economic talks, the meeting will address strategic subjects such as co-operation on nuclear issues concerning North Korea.As well as the economic talks, the meeting will address strategic subjects such as co-operation on nuclear issues concerning North Korea.
On Sunday, US Secretary of State Hillary Clinton praised China for being "positive and productive" in dealing with North Korea. On Sunday, Secretary of State Clinton praised China for being "positive and productive" in dealing with North Korea.
"We've been extremely gratified by their forward-leaning commitment to sanctions and the private messages that they have conveyed to the North Koreans," she told US TV network NBC."We've been extremely gratified by their forward-leaning commitment to sanctions and the private messages that they have conveyed to the North Koreans," she told US TV network NBC.