Obama Says 'Positive' U.S.-Chinese Ties Good For U.S.

"(CNN)

A ""positive, constructive, cooperative"" U.S.-Chinese relationship is ""good"" for the United States,
President Barack Obama said Wednesday in a joint news conference with Chinese President Hu Jintao.
Speaking to reporters after a meeting with Hu and business leaders, Obama called for ""a spirit of cooperation"" and ""healthy competition"" between the countries.

Obama and Vice President Joe Biden welcomed Hu to the White House in a formal arrival ceremony earlier in the day. The Chinese leader's limousine pulled up to the White House South Portico shortly after 9 a.m., where he was met with a military honor guard and review -- part of the traditional pomp and circumstance reserved for visiting leaders of major powers.Hu, who first arrived in the United States Tuesday afternoon, is on a three-day trip focusing on trade, currency and North Korea. Administration officials have used the occasion to highlight economic ties between the two countries, announcing China's approval of $45 billion in new contracts for U.S. companies to export goods to China.

The contracts will support an estimated 235,000 American jobs, according to the White House. Obama hailed Hu's visit as a chance to lay a foundation for the next 30 years of Sino-American relations.

""At a time when some doubt the benefits of cooperation between the United States and China, this visit is ... a chance to demonstrate a simple truth,"" Obama said. ""We have an enormous stake in each other's success. In an interconnected world, in a global economy, nations -- including our own -- will be more prosperous and more secure when we work together."""