Xiàwu hao.

(applause)

Thank you, Andrew, for that introduction.

I have had the pleasure of getting to know

Andrew very well these past few years.

We have worked him hard -- he helped my administration

with strategies for growing high-tech manufacturing

to hiring more long-term unemployed.

He's just as good at corporate citizenship

as he is at running a corporation.

Later I'll visit Brisbane, where I know Andrew

spent some of his youth.

I'm sure he's got some suggestions for fun there,

but not necessarily things that a President can do.

(laughter)

We don't know how he spent his youth,

but I'm sure he had some fun.

It is wonderful to be back in China,

and I'm grateful for the Chinese people's

extraordinary hospitality.

This is my sixth trip to Asia as President,

and my second this year alone.

And that's because, as I've said on each of my visits,

America is a thoroughly Pacific nation.

We've always had a history with Asia.

And our future -- our security and our prosperity --

is inextricably intertwined with Asia.

I know the business leaders in attendance today agree.

I've now had the privilege to attend

the APEC CEO summit in Singapore, in Yokohama,

and in my original hometown of Honolulu, now in Beijing.

And I think it's safe to say that few global forums are

watched more closely by the business community.

There's a good reason for that.

Taken together, APEC economies account for about 40 percent

of the world's population, and nearly 60 percent

of its GDP.

That means we're home to nearly three billion customers,

and three-fifths of the global economy.

And over the next five years, nearly half of all economic

growth outside the United States is projected to come

from right here, in Asia.

That makes this region an incredible opportunity for

creating jobs and economic growth in the United States.

And any serious leader in America,

whether in politics or in commerce, recognizes that fact.

Now the last time I addressed this CEO summit

was three years ago.

Today, I've come back at a moment when, around the world,

the United States is leading from a position of strength.

This year, of course, has seen its share

of turmoil and uncertainty.

But whether it's our fight to degrade and destroy

the terrorist network known as ISIL, or to contain

and combat the Ebola epidemic in West Africa,

the one constant -- the one global necessity

-- is and has been American leadership.

And that leadership in the world is backed

by the renewed strength of our economy at home.

Today, our businesses have created 10.6 million jobs

over the longest uninterrupted stretch of job growth

in American history.

We're on pace for the best year of job growth since the 1990s.

Since we started creating jobs again, the U.S.

has put more people back to work than Europe, Japan,

and every other advanced economy combined.

And when you factor in what's happening in our broader

economy -- a manufacturing sector that as Andrew said

is growing now at a rapid pace; graduation rates

that are rising; deficits that have shrunk by two-thirds;

health care inflation at 50-year lows;

and an energy boom at new highs -- when you put all

this together, what you get is an American economy that

is primed for steadier, more sustained growth,

and better poised to lead and succeed in the 21st century

than just about any other nation on Earth.

And you don't have to take our word for it -- take yours.

For two years in a row, business executives like

all of you have said that the world's most

attractive place to invest is the United States.

And we're going to go for a three-peat.

We're going to try to make it the same this year.

But despite the responsibilities of American leadership around

the world, despite our attention to getting our economy growing,

there should be no doubt that the United States of America

remains entirely committed when it comes to Asia.

America is a Pacific power, and we are leading to promote

shared security and shared economic growth

this century, just as we did in the last.

In fact, one of my core messages throughout this trip -- from

APEC to the East Asia Summit to the G20 in Australia --

is that working together we need growth that is balanced,

growth that is strong, growth that is sustainable,

and growth where prosperity is shared by everybody who

is willing to work hard.

As President of the United States I make no apologies

for doing whatever I can to bring new jobs

and new industries to America.

But I've always said, in the 21st century,

the pursuit of economic growth, job creation

and trade is not a zero-sum game.

One country's prosperity doesn't have to come

at the expense of another.

If we work together and act together,

strengthening the economic ties between our

nations will benefit all of our nations.

That's true for the nations of APEC,

and I believe it's particularly true for the relationship

between the United States and China.

(applause)

I've had the pleasure of hosting President Xi twice

in the United States.

The last time we met, in California,

he pointed out that the Pacific Ocean is big enough

for both of our nations.

And I agree.

The United States welcomes the rise of a prosperous,

peaceful and stable China.

I want to repeat that.

(applause)

I want to repeat that: We welcome the rise

of a prosperous, peaceful and stable China.

In fact, over recent decades the United States

has worked to help integrate China into

the global economy -- not only because

it's in China's best interest, but because it's

in America's best interest, and the world's best interest.

We want China to do well.

(applause)

We compete for business, but we also

seek to cooperate on a broad range of shared

challenges and shared opportunities.

Whether it's stopping the spread of Ebola,

or preventing nuclear -- preventing nuclear

proliferation, or deepening our clean energy partnership,

combating climate change, a leadership role that,

as the world's two largest economies and two largest carbon

emitters, we have a special responsibility to embrace.

If China and the United States can work together,

the world benefits.

And that's something this audience is acutely

interested in.

(applause)

We continually have to work to strengthen

the bilateral trade and investment between

our two nations.

America's first trade mission visited China

just a year after America's revolution ended.

Two hundred and thirty years later,

we are the two largest economies in the world.

And the trade and investment relationship we have benefits

both of our countries.

China is our fastest growing export market.

Chinese direct investment in the United States

has risen six-fold over the past five years.

Chinese firms directly employ a rapidly growing

number of Americans.

And all these things mean jobs for the American people;

and deepening these ties will mean more jobs

and opportunity for both of our peoples.

And that's why I'm very pleased to announce that

during my visit the United States and China have

agreed to implement a new arrangement for visas that

will benefit everyone from students, to tourists,

to businesses large and small.

Under the current arrangement, visas between

our two countries last for only one year.

Under the new arrangement, student and exchange visas will

be extended to five years; business and tourist visas will

be extended to 10 years.

(applause)

Now, of course, that will be good for the businessmen

who are going back and forth all the time.

But keep in mind, last year, 1.8 million Chinese visitors

to the United States contributed $21 billion to our economy

and supported more than 100,000 American jobs.

This agreement could help us more than quadruple

those numbers.

I've heard from American business leaders

about how valuable this step will be.

And we've worked hard to achieve this outcome because it clearly

serves the mutual interest of both of our countries.

(applause)

So I'm proud that during my visit to China

we will mark this important breakthrough,

which will benefit our economies and bring our people together,

and I'm pleased that President Xi has been a partner in getting

this done -- very much appreciate his work on this.

(applause)

Now, deepening our economic ties is why I also hope

to make progress with President Xi towards an ambitious,

high-standard, bilateral investment treaty that opens

up China's economy to American investors -- an agreement that

could unlock even more progress and more opportunity

in both of our countries.

We're also working together to put -- in pursuit

of an international agreement on the ITA.

And we'll speak directly and candidly, as we always

do, about specific actions China can take

to help all of us, across the Asia-Pacific,

to expand trade and investment, which many

of the CEOs I talk to raise in our discussions.

We look to China to create a more level playing field

on which foreign companies are treated fairly so that

they can compete fairly with Chinese companies;

a playing field where competition policy promotes

the welfare of consumers and doesn't benefit just one set

of companies over another.

We look to China to become an innovative economy that

values the protection of intellectual property rights,

and rejects cybertheft of trade secrets for commercial gain.

We look to China to approve biotechnology advances that are

critical to feeding a growing planet on the same timeline

as other countries, to move definitively toward

a more market-determined exchange rate, and, yes,

to stand up for human rights and freedom of the press.

And we don't suggest these things because they're good

for us; we suggest that China do these things for

the sake of sustainable growth in China,

and the stability of the Asia-Pacific region.

And I look forward to discussing these issues,

along with China's concerns and ideas,

with President Xi over the next few days.

Now even as America works to deepen our bilateral ties with

China, we're focused this week on deepening our ties with all

the APEC economies, including reducing barriers to trade

and investment, so that companies like yours

can grow, create new jobs, and promote prosperity

across the Asia-Pacific region.

After all, Asia's largest export market is the United States --

that benefits American consumers because it has led to more

affordable goods and services.

Six of America's top 10 export markets are APEC economies,

and more than 60 percent of our exports -- over $1 trillion

worth of goods and services -- are purchased by APEC economies.

That supports millions of American jobs.

So the work that APEC members have done together over the

years has lowered tariffs, cut shipping costs,

and made it cheaper, easier, and faster to do business -

and that supports good jobs in all of our nations.

We've worked together to improve food security,

encourage clean energy, promote education,

and deliver disaster relief.

And all of this has made a difference.

But we can always do more.