Obama and Chinese President Hu Talk Human Rights, Economy During Presser

Editor's note: This post originally contained live video of the press conference. It has been updated to reflect the statements made during the event.

WASHINGTON (The Blaze/AP) -- President Barack Obama and Chinese President Hu Jintao sparred over human rights on Wednesday, with Obama declaring that Americans believe such rights are among "core views" and Hu declaring China had made progress but "a lot still needs to be done" to improve his country's record.

The concern over human rights was balanced against U.S. happiness about what Obama said was $45 billion in expected new export sale for the U.S. because of business deals with China cemented by the summit meeting of the world's two largest economies. Obama said those deals would help create 235,000 U.S. jobs.

"I absolutely believe China's peaceful rise is good for the world, and it's good for America," Obama said, addressing a major concern in Beijing that the United States wants to see China's growth constrained.

"We welcome China's rights. We just want to make sure that (its) rise occurs in a way that reinforces international norms, international rules, and enhances security and peace as opposed to it being a source of conflict either in the region or around the world."

Chinese President Hu Jintao (hoo jihn-tow) admitted "a lot" still needs to be done to improve human rights in China.

Hu said China is a developing country with an enormous population facing challenges in economic and social developments. He said human rights must be viewed under those circumstances.

Still, Hu says China will continue efforts to "improve the lives of our people and promote democracy and rule of law."

His remarks Wednesday came moments after President Barack Obama said the U.S. would push for freedom of speech, assembly and religion for the Chinese people.

Obama says certain rights are universal and "transcend culture." He says China's human rights policies have been a source of tension between the two governments.