Obama, Hu Jintao Press Conference Held In China (VIDEO): Leaders Talk Economy, Iran, North Korea, Tibet, And Taiwan

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. More statements from President Obama: Iran, North Korea, And Nuclear proliferation: President Barack Obama says there will be consequences if Tehran does not demonstrate Iran's nuclear program is "peaceful and transparent." Obama says he and Hu also discussed their shared goal to stop the spread of nuclear weapons and the verifiable elimination of North Korea's nuclear weapons program.

He says Pyongyang has a choice between engagement and isolation. Obama says North Korea's people would benefit from Pyongyang complying with international demands over its nuclear program. WATCH:<