Asia Bizz: US Warns On Exports, But China Adamant To Go Ahead With APEC Reforms
President Barack Obama has stated that countries should stop relying on exports for the development of their economy, and he especially pointed it out to China, but China on the other hand seems to be very adamant on the fact the there would some new reforms in the Asia Pacific Economic Corporation or APEC.
Chinese President Hu Jintao and Barack Obama met the Asia Pacific business executives only a day after the G20 Summit end. The leaders at the summit have given a very pale reply and commitment in regards to their role in stabilizing the global economy. But on the other hand the APEC is one of the world’s fastest growing economies, and the Americans want to have a keen focus on them.
Obama during his speech stated that “One of the important lessons the economic crisis taught us is the limits of depending primarily on American consumers and Asian exports to drive economic growth,” Mr. Obama also made it clear that nations should not focus only on exports as a key to their growth, but Mr. Hu Jintao had a completely different mindset, stating that there is a drastic need of reform in the exchange rate.