November 13, 2011 / 3:08 AM / 6 years ago

Obama raises economic rebalancing with Hu

HONOLULU (Reuters) - U.S. President Barack Obama said he planned to discuss the need for a rebalancing of the global economy in a meeting with Chinese President Hu Jintao on Saturday.

Obama, who spoke to reporters at the beginning of the meeting, said cooperation between the world’s two largest economies was vital.

Hu also talked of the need for China and the United States to work together, saying it was important in a time of complex changes.

Obama said he and Hu would discuss “how we can continue to rebalance growth around the world” and the goal of creating jobs and making sure their two countries end up in a “win-win” situation on the economy.

As part of a “rebalancing,” U.S. officials would like China to let its currency rise, which would help make its exports more expensive and allow Chinese citizens to buy more imported goods. They argue this will help China shift away from an over-reliance on exports toward more domestic demand.

“Although there are areas where we continue to have differences, I am confident that the U.S.-China relationship will continue to grow in a constructive way based on mutual respect and mutual interest,” Obama said.

Alluding to the euro zone crisis, Hu said: “There is growing instability and uncertainty in the world economic recovery.”

“Under these circumstances, it is all the more important for China and the United States to increase their communication and coordination,” Hu said.

Obama said they also planned to discuss North Korea’s nuclear weapons, Iran and climate change.

Reporting by Laura MacInnis and Caren Bohan; Editing by John O'Callaghan

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