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Saturday, September 8, 2012

China Sounds Alarm on Global Economy at APEC Summit

China sounded the alarm about the state of the global economy on Saturday and urged countries gathering at an Asia-Pacific summit to protect themselves by forging deeper regional economic ties.

Chinese President Hu Jintao said his country would play a role in helping deepen cooperation between the 21 members of the Asia-Pacific Economic Cooperation (APEC) by rebalancing its economy to improve the chances of a global economic recovery.

Russian President Vladimir Putin had also expressed concern about the world economy on Friday, and particularly about Europe's debt crisis, as he prepared to host the annual APEC summit in the Pacific port city of Vladivostok.

"The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over," Hu told businessmen in a speech before the summit.

"We will work to maintain the balance between keeping steady and robust growth, adjusting the economic structure and managing inflation expectations. We will boost domestic demand and maintain steady and robust growth as well as basic price stability," he said.

Hu said China was addressing problems such as creating jobs since its economic growth slowed. But China's economy remains dominant in Asia and it is key to Russia's decision to look eastwards as it seeks to develop its own economy.

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