Freeman Report Jan-Feb 2010 - vol. 8, no. 1-2
February 8, 2010
In choosing Shanghai, the largest commercial city in mainland China, as the first stop of his state visit to China in November last year, President Obama became the first U.S. president since Nixon to do so. Whether this choice of itinerary reflects President Obama’s concentration on the economic aspect of the Sino-American relationship or not, economic cooperation had already become a central pillar of the relationship under the Obama administration last July, when the two sides reached consensus on the need for economic cooperation in the first Strategic and Economic Dialogue. The consensus focused on U.S. measures to reduce its current account deficit and raise its savings rate, while China would invest efforts in promoting domestic demand and reducing export dependency.