Obama Plans News Conference On Belt Tightening Today

President-Elect Obama plans another news conference on the subject of belt-tightening today, and how his new administration will look for areas of waste to cut to help pay for his economic stimulus plans. Obama will also reportedly announce a White House budget chief as well.

So far it has been the actions of President-Elect Obama that has reversed some huge Wall Street stock losses since Friday, through a variety of positive announcements of the immediate actions that he will take as president to help reverse the slide of the American economy into the worst financial crisis since the Great Depression of the 1930's. And Wall Street seems to be very positively responding to the actions of Obama where he seems to be very engaged on the economic crisis issue.

In other economic news related to Obama and the economy, the government of China has hailed the actions of Obama so far, and promises full cooperation with Mr. Obama as president to help stabilize the world economy. Chinese Foreign Ministry spokesman, Qin Gang announced praise for the "far more aggressive" recovery plans announced by Obama, and viewed the United States as the largest and most important economy in the world where Qin believed that, "We hope that the U.S. economy can sustain development, which is good for China and the world. The Chinese side will continuously coordinate and cooperate with the U.S. side to deal with the current international financial crisis".

More and more China considers itself as the most important trading partner with the United States as well as the second most important economy in the world after the U.S. in many important ways.

The signs from China of encouragement for the actions of Obama are also an encouraging sign of U.S.-Sino relations that grow in positive ways and a good sign of foreign cooperation with the U.S. to improve and reverse the world financial crisis.