Foreign Pool - Bilateral between U.S. and China

White House Press Office	Sat, Nov 12, 2011 at 10:25 PM
Reply-To: White House Press Office To: Ching-Yi Chang
From: Ching-Yi Chang Sent: Saturday, November 12, 2011 10:16 PM Subject: Foreign Pool - Bilateral between U.S. and China   Before the bilateral meeting between the U.S. President Obama and Chinese Pesident Hu, Secreatry Clinton and Assistant Secretary for East Asian and Pacific Affairs Campbell were waiting outside the meeting room while the POTUS concluding the bilateral meeting with Russian President Medvedev. They weren’t spotted by pooler during the U.S.-Japan bilateral meeting. At the top of the bilateral meeting between China and the U.S., both leaders talking with poolers for about ten minutes. President Hu wears black suit, red tie and glasses with red frame. Economic and security issues are the main focus for both leaders during the remark. The POTUS said at the top that two countries are the largest in the world, the cooperation is vital not only for Americans’ security but also vital to the world, and such cooperation is “particular important to the Asia Pacific region”, for two countries are both “the Pacific powers”. And President Hu replied that “the region should become the region of active cooperation between China and the U.S.“   As the POTUS mentioned to the Russian previously, he expressed the concern about Iran again, but got no direct response from the Chinese President.    On the economic front, the POTUS talked about the issue of “rebalance” again, which implies faster pace of strengthening Renminbi. During yesterday’s gaggle, the White House official said the issue would be raised by the POTUS during  today’s bilateral. China currency has appreciated versus the USD for about 40% within five years, and Sec. Geither even said during the APEC financial ministerial meeting that, Chinese Yuan has appreciated more than 10% in the past year (including the inflation factor), while the Obama administration insists that the Chinese currency is “significant undervalued” according to many independent analysts. And the POTUS criticized China during today's CEO Summit that China is not playing by the rule in the case of RMB. President Hu said, the world economy is growing uncertain and instable, so it’s important for two sides “to increase their communication and coordination”. After the remarks, they shook hands for photographers to shoot longer than previous bilateral meetings. This is actually the ninth time they met.   Ching-Yi Chang White House Correspondent Hong Kong Phoenix Satellite TV