Singling out China as a key market for American firms, Barack Obama said his administration is trying to address the challenge of creating a "level playing field" for the US companies in China.
In his address to top corporate leaders of the country, Obama said US's discussion with China has addressed "the important challenge of how to create a more level playing field for American companies seeking to expand their access to the growing Chinese market".
Obama said: "I made it clear to all that the United States of America is prepared to compete aggressively for the jobs and industries and markets of the future."
Emphasising on the need to have a market-driven currencies, Obama welcomed China's decision to allow its currency to appreciate in response to market forces.
"We continue to coordinate with other nations around the world to promote strong, sustainable, and balanced growth. At last month's G20 summit, we built on the actions we took last year -- actions that have replaced global contraction with global growth, and trade that was plummeting with trade that's bounced back," he said.
"Sustaining that recovery, however, also involves rebalancing our economies. As I told other leaders at the G20, after years of taking on too much debt, Americans will no longer borrow and buy the world's way to lasting prosperity. We alone cannot be the engines of economic growth. Furthermore, a strong and durable recovery requires that countries not have an undue advantage," Obama said.
Observing this is an interconnected world, he said there are global challenges and global opportunities.
"This nation has never shied away from the prospect of competition. We thrive on competition. And we are better positioned than anybody - as uniquely positioned as ever - to compete with anyone in the world," he said.
"We've got the most respected brands, the best products, the most vibrant companies in the world. We've got the most productive workers in the world. We've got the finest universities in the world. We've got the most open, dynamic and competitive market in the world. When the playing field is even, nobody can beat us. And we are upping our game for the playing field of the 21st century," Obama said.
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