U.S., China Announce $45 Billion Business Deal

WASHINGTON -- Hoping to level the global playing field in international trade, President Obama on Wednesday announced a major business deal with China that would mean $45 billion in new U.S. exports. 

Under the deal, announced during the visit of Chinese President Hu Jintao, China will purchase $45 billion in U.S. exports, including a $19 billion agreement to buy 200 Boeing airplanes.

A White House fact sheet said the deal will create 235,000 jobs in the U.S. The Boeing orders have been previously discussed publicly and production is already underway on some planes because of preliminary contracts. China will also invest in U.S. exports from agriculture, telecommunications and computer companies.

The agreement comes on top of another deal to step up cooperation with China on nuclear security, senior administration officials confirmed to Fox News on Wednesday.

That deal, which would establish a jointly financed nuclear security center in China, is to be signed by U.S. and Chinese energy officials during Hu's visit. The senior administration officials, who spoke on condition of anonymity because they were not authorized to speak on the record before Obama's announcement, said the agreement is an opening to expand security cooperation with China.

The wheeling and dealing was part of a series of daylong meetings with top U.S. officials on currency, trade, security and human rights concerns. 

Obama welcomed Chinese President Hu Jintao to the White House Wednesday morning with full honors, a red carpet and a color guard.

In his remarks at the South Lawn arrival ceremony, Obama said each country had an enormous stake in the other's future, and he then referenced human rights.

"We also know this: history shows that societies are more harmonious, nations are more successful and the world is more just when the rights and responsibilities of all nations and all peoples are upheld -- including the universal rights of every human being," Obama said.

For his part, Hu said the relationship between the two powers should be based on "mutual respect," with each country respecting the other's core interests and choices of development paths -- suggesting limits to how far the U.S. can push China on issues from currency to human rights.

Obama and Biden met with Hu in the Oval Office before expanding the meeting to include their respective staffs. The president also will host a session with Hu, Chinese business leaders and 14 leading American chief executives.

Hu will then be honored at a State Department luncheon. Capping the day will be a glitzy state dinner.

But the nuclear security agreement is a key centerpiece of the visit as the Obama administration looks for ways to ease tensions between the two world powers and demonstrate cooperation in an area that has primarily been saved for U.S.-Russia relations. 

The U.S. considers China a vital player in attempts to contain North Korean aggression against South Korea and its development of a nuclear weapon. The U.S. also needs Chinese support to rein in Iran's nuclear ambitions, as China is a U.N. Security Council member.

The venture would be aimed at training to improve security at nuclear facilities and accounting of nuclear materials. U.S. officials also hope to hold joint exercises on response to nuclear disasters and terrorism and to share nuclear detection technology.

U.S. officials also say the two countries plan to open up the center to other countries in Asia, hoping that China can use its influence to improve nuclear security in the region.

Under the agreement to be signed by U.S. Energy Secretary Steven Chu and China Atomic Energy Authority Chairman Chen Quifa, China would pay for most of the center's budget, but the United States will provide technology and expertise.

The idea for the center was first proposed by Hu at Obama's nuclear security summit in April.

Fox Business' Peter Barnes and The Associated Press contributed to this report.