China is urging President Barack Obama to increase the U.S. offer to reduce carbon emissions, but their top climate envoy, Xie Zhenhua, is willing to compromise at the U.N. conference in Copenhagen. Xie stated that China wants to be constructive at the climate talks, where success hinges on an agreement between the U.S. and China, who together account for 40 percent of global greenhouse gas emissions. Xie expressed hope that President Obama would make a significant contribution to Copenhagen, potentially exceeding the 3 percent cut on 1990 levels proposed by Obama. Additionally, Xie mentioned that China could agree to a target of halving global emissions by 2050 if developed nations increase their emissions reduction targets by 2020 and provide financial assistance to developing countries to combat climate change. The significance of a mid-term target is emphasized over a long-term target, with the focus on addressing immediate problems. The deputy chairman of the National Development and Reform Commission (NDRC) expressed a desire for developed countries to reduce their emissions by 25-40 percent below 1990 levels by 2020, with the ultimate goal of halving global emissions by 2050. Earlier in the year, during previous rounds of U.N. discussions, China had pushed for a reduction of "at least 40 percent." Xie expressed a preference for a conclusive, legally binding agreement at the Copenhagen meeting, but stated that if that was not achievable, a deadline to finalize a comprehensive treaty by June would be satisfactory. He dismissed a U.N. suggestion for expedited funding of $10 billion annually from 2010-2012 as insufficient.