Remarks by President Barack Obama and Party Secretary Yu Zhengsheng before bilateral meeting

Xijio State Guest House, Shanghai, China

PRESIDENT OBAMA:  Thank you so much for your hospitality.  This is my first visit to Shanghai, and we've been so impressed with the incredible growth in the city and the great warmth of the people who have received us.

SECRETARY YU:  (As translated.)  Shanghai is a city that witnessed the progress of the diplomatic relations between China and the United States over the past three decades.  In 1972, Shanghai was a city where the Shanghai Communique was announced, and this has already made a solid foundation for the normalization of diplomatic ties between two countries.

PRESIDENT OBAMA:  Well, obviously both countries have benefited greatly from the progress that we've made over the last three decades.  I know that many U.S. businesses are now located here in Shanghai and they consider it really the center for the region, commercially and financially.  And it is very impressive to travel through the city and to see what extraordinary progress has been made.

SECRETARY YU:  The Shanghai citizens are very pleased because Shanghai is the first stop of your China visit.

PRESIDENT OBAMA:  Well, thank you.

SECRETARY YU:  For many U.S. companies here in Shanghai one of the most famous manufacturing companies is the General Motor. The business of GM in Shanghai is pretty good.  By the end of October this year their sales has increased by 40 percent over the same period of last year.  I think that the fantastic performance here in Shanghai is definitely a boost to their business in the United States.

PRESIDENT OBAMA:  Absolutely.  I think they can learn from their operations here in terms of increasing sales back in the United States.
 
SECRETARY YU:  There are other businesses from the United States based here in Shanghai.

(Pool is escorted from the room.)

END

11:07 A.M. CST