Obama: U.S., China will shape 21st century

President Obama said Monday the United States and China will shape the 21st century as he opened a two-day summit between the two countries.

Obama opened the inaugural strategic and economic dialogue with China by saying the two countries' relationship is as “important as any bilateral relationship in the world.”

“That reality must underpin our partnership,” Obama said.

While both countries must work together to end the global recession, he also pressed China to move toward a more consumption-driven economy.

“The current crisis has made it clear that the choices made within our borders reverberate across the global economy, and this is true not just of New York and Seattle, but Shanghai and Shenzhen as well,” Obama said.

He added that a more sustainable economic foundation will come from Americans saving more and Chinese spending more.

“Because just as China has benefited from substantial investment and profitable exports, China can also be an enormous market for American goods,” Obama said.