That these distinguished guests have chosen to join us today is a testament to the centrality of this institution to the nation's economic life.
China is the world’s second largest economy, and the largest trading nation. It is the second largest trading partner for the United States and the European Community, and the largest trading partner for the 11 countries of ASEAN, as well as Australia and New Zealand. China takes 21 percent of our merchandise exports – up dramatically from 4 percent a decade ago (figure 5).