thank you. thank you, president chen, chairmen ren, vice¹ president chi, vice minister wei. we are delighted to be here today with a very large american delegation², including the first lady and our daughter, who is a student at stanford, one of the schools with which beijing university has a relationship. we have six members of the united states congress; the secretary of state; secretary of commerce; the secretary of agriculture; the chairman of our council of economic advisors⁴; senator sasser, our ambassador; the national security advisor³ and my chief of staff, among others. i say that to illustrate⁵ the importance that the united states places on our relationship with china.

i would like to begin by congratulating all of you, the students, the faculty⁶, the administrators⁷, on celebrating the centennial year of your university. gongxi, beida. (applause.)

as i'm sure all of you know, this campus was once home to yenching university which was founded by american missionaries⁸. many of its wonderful buildings were designed by an american architect. thousands of americans students and professors have come here to study and teach. we feel a special kinship with you.

i am, however, grateful that this day is different in one important respect from another important occasion 79 years ago. in june of 1919, the first president of yenching university, john leighton stuart, was set to deliver the very first commencement address on these very grounds. at the appointed hour, he appeared, but no students appeared. they were all out leading the may 4th movement for china's political and cultural renewal⁹. when i read this, i hoped that when i walked into the auditorium¹⁰ today, someone would be sitting here. and i thank you for being here, very much. (applause.)

over the last 100 years, this university has grown to more than 20,000 students. your graduates are spread throughout china and around the world. you have built the largest university library in all of asia. last year, 20 percent of your graduates went abroad to study, including half of your math and science majors. and in this anniversary year, more than a million people in china, asia, and beyond have logged on to your web site. at the dawn of a new century, this university is leading china into the future.

i come here today to talk to you, the next generation of china's leaders, about the critical importance to your future of building a strong partnership¹¹ between china and the united states.

the american people deeply admire china for its thousands of years of contributions to culture and religion, to philosophy and the arts, to science and technology. we remember well our strong partnership in world war ii. now we see china at a moment in history when your glorious past is matched by your present sweeping¹² transformation¹³ and the even greater promise of your future.

just three decades ago, china was virtually shut off from the world. now, china is a member of more than 1,000 international organizations -- enterprises that affect everything from air travel to agricultural development. you have opened your nation to trade and investment on a large scale. today, 40,000 young chinese study in the united states, with hundreds of thousands more learning in asia, africa, europe, and latin america.

your social and economic transformation has been even more remarkable¹⁴, moving from a closed command economic system to a driving, increasingly market-based and driven economy, generating two decades of unprecedented¹⁵ growth, giving people greater freedom to travel within and outside china, to vote in village elections, to own a home, choose a job, attend a better school. as a result you have lifted literally¹⁶ hundreds of millions of people from poverty. per capita income has more than doubled in the last decade. most chinese people are leading lives they could not have imagined just 20 years ago.

of course, these changes have also brought disruptions in settled patterns of life and work, and have imposed enormous strains on your environment. once every urban chinese was guaranteed employment in a state enterprise. now you must compete in a job market. once a chinese worker had only to meet the demands of a central planner in beijing. now the global economy means all must match the quality and creativity of the rest of the world. for those who lack the right training and skills and support, this new world can be daunting¹⁷.

in the short-term, good, hardworking people -- some, at least will find themselves unemployed¹⁸. and, as all of you can see, there have been enormous environmental and economic and health care costs to the development pattern and the energy use pattern of the last 20 years -- from air pollution to deforestation to acid rain and water shortage.