US President George W. Bush said he wants President Hu Jintao to bring trade concessions with him when he visits Washington next week. "We expect China to live up to its commitments," Bush said at a conference for small businesses. As well as acting to reduce the huge trade surplus with the US, Beijing should enforce intellectual property rights, he said. "China needs to move to a flexible, market-based currency," Bush added. American manufacturers, who believe the yuan is undervalued by as much as 40% and that this represents an unfair trade advantage, hope Hu will announce that currency reforms will be accelerated.