Yesterday, in Xi'an, I had the privilege of seeing some of the wonders and majesty of China's ancient civilization. Your past achievements, illustrious history, and rich culture testify to the spirit and determination of the Chinese people. And today we're witnessing that same spirit and determination being carried forward into the world of high technology. I'm delighted that American businessmen are working side by side with their Chinese partners to develop new technologies for China's industries.

Shanghai Foxboro is one of the first of a growing number of joint ventures between Chinese and American firms. The Shanghai Instrumentation Corporation brings to this new venture a proud record as one of China's leading suppliers of automation products. And the advanced technology of the Foxboro Company will help open new horizons. Your pioneer efforts demonstrate that a promising future beckons for expanded cooperation between our people.

We both understand that the capabilities and requirements of our two countries complement each other. We both can be confident that our relationship is based on equality, cooperation, and mutual respect. And we both can be satisfied that the results provide mutual benefits. We're striking a balance between the needs of the Chinese economy and the principles that make for successful business relationships in America.

As you know, last year the United States liberalized controls on the export of high technology to China. Today it was our honor to renew an agreement between our two governments that extends and expands our management cooperation, including the training center in Dalian. I'm delighted to learn that Shanghai Foxboro has on its team a graduate of the Institute, engineer Shen Guozuo.

Business partnerships between Chinese and American companies are bound to succeed. The bonds of friendship and partnership in this fine company are a wellspring of hope and progress, of modernization and prosperity.

Opportunity has brought results. Shanghai Foxboro is a fine beginning. And now it's time to go forward and to build on this promising foundation. We can make tomorrow even better. And with the skill and cooperation I'm seeing here today, I am sure that we will.

Thank you very much, and good luck.

Note: The President spoke at 12:59 p.m. in the ground floor display room at the plant.

In his opening remarks, the President referred to Qin Fu Xiang, general manager of the joint venture, and Donald N. Sorterup, vice president for foreign affairs and trade of the Shanghai Instrumentation and Telecommunications Bureau. Following his remarks, the President viewed equipment in the display room and then went to the assembly building, where he joined Chinese women who were soldering chips onto panelboards for electronic circuitry.

The joint venture is composed of the Foxboro Company of Massachusetts and the Shanghai Instrumentation Corp.