Asia Bizz: G-20 Summit and APEC – Increasing domestic demands should be the agenda: Barack Obama
G-20 summit and APEC: Growth should not be dependent on the exports to US says US Barack Obama, while speaking in Japan at the APEC (Asian Pacific Economic C0-operation forum) summit. He said the priority should be to increase the domestic demand.
The President said, “Going forward, no nation should assume that their path to prosperity is simply paved with exports to America.â€ He said that there should be healthy competition between the countries and that there is no reason to create a rift between the relationships.
Obama said, “There’s no need to view trade, commerce or economic growth as zero-sum games, where one country always has to prosper at the expense of another.”
Soon after, the President of China, Hu Jintao said, “China will continue making encouraging a balanced international balance of payments and important task in ensuring macro-economic stability.â€
Relations of two powerful nations China and Japan have been estranged after a Chinese trawler and Japanese patrol vessels bumped into each other in September in the East China sea, near the disputed islands.