Nov. 17 (Bloomberg) -- U.S. President Barack Obama and
Chinese President Hu Jintao said they focused on areas where
their two governments can cooperate during a first round of
meetings in Beijing today.

Obama characterized the morning session with Hu as “very
constructive,” telling reporters that the two governments
working together on economic and security issues would have
implications beyond Asia.

Hu said through a translator that the U.S. and China agree
“in many important” areas. He said he looked forward to more
“in-depth” discussions in a second round of talks.

Going into today’s meetings Obama said he wanted to
continue “a meeting of the minds” with Hu about how their
nations can lead on global issues.

Topics on the agenda include the U.S. president’s pursuit of
a more “balanced” economic relationship, joint efforts on
negotiations leading to a global climate change treaty and
efforts to bring North Korea back to the bargaining table over
its nuclear program.

Obama is “trying to reassure Beijing that we want a good
constructive relationship, not trade protectionism, and on the
other hand we’re trying to reassure Asia that we’re not going to
acquiesce in a future Chinese hegemony in the region,” said Ted
Carpenter of the Cato Institute.

‘Delicate Balance’

“That’s a delicate balance to put it mildly,” said
Carpenter, vice president for defense and foreign policy studies
at the Washington-based policy research group.

Obama has struck a mostly conciliatory tone toward China
during the first half of his eight-day Asian trip. In Shanghai
yesterday, he told his student audience that the U.S. “insists
we do not seek to contain China’s rise.”

“On the contrary, we welcome China as a strong and
prosperous and successful member of the community of nations --a
China that draws on the rights, strengths, and creativity of
individual Chinese like you,â€

Still, Obama used the same forum to prod China on human
rights and freedom. In addition to speaking to and taking
questions from a group of about 400 students selected by their
universities, he also answered queries submitted via the
Internet.

That provided him an opening to talk about “universal
rights” of freedom of expression and religion for all people
and groups “whether they are in the United States, China, or
any nation.”

After their first meeting today, Obama and Hu made no
mention of one source of friction between the two nations,
China’s currency peg to the dollar.

China has kept the yuan at about 6.83 per dollar since July
2008. Some lawmakers in the U.S. have been calling for the
administration to put more pressure on the Chinese, saying the
yuan’s value is unfairly undercutting U.S. companies.

The leaders had a private dinner last night at the
Diaoyutai State Guest House. And the Chinese will host a State
Dinner in Obama’s honor tonight in Great Hall of the People.

To contact the reporters on this story:
Julianna Goldman in Beijing at
jgoldman6@bloomberg.net ;
Edwin Chen in Beijing at
echen32@bloomberg.net