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[Xinhua photo]

Addressing some of the key issues involving the two countries, he said trade and investment undergird prosperity, and the US and China have one of the largest and most important bilateral economic relationships in the world. The two nations are the first and third largest trading nations in the world, and China has in recent years been America's fastest growing major export market.

He acknowledged that America and the world can benefit from trade with China. He expressed the hope that China's economy would continue to grow, its domestic demand would expand, and its vitality would contribute to regional and global prosperity.

He expressed the hope that China increase its domestic consumption. To achieve it, he said China may have to substantially improve its social security net and upgrade its financial sector.

He also said as president, he would use all diplomatic avenues to seek a change in China's currency practices. He would also urge China to improve its intellectual property protection.

On the issue of climate change, he said the vital challenge demands the two country develop much higher levels of cooperation without delay. The two countries are currently the two largest consumers of oil and the two largest emitters of greenhouse gases.

(CCTV November 6, 2008)