BEIJING — President Barack Obama says that China's partnership has helped the United States pull out of the worst recession in a generation.

Obama and Chinese President Hu Jintao appeared together and spoke to reporters after a pair of meetings on Tuesday. Obama says a revised economic approach will help increase U.S. exports and create jobs while helping bring about higher living standards in China.

Obama says his government is committed to a strategy of spending less and saving more.

The United States' budget deficit is soaring to a yearly record of $1.42 trillion and China is the No. 1 lender to Washington. Beijing has expressed concern that the falling price of the dollar threatens the value of its U.S. holdings.