APEC vows new economic model after downturn

US President Barack Obama pressed Asian leaders at the weekend APEC summit to retool their export-led economies and rebalance world growth,or risk drifting “from crisis to crisis”.

But Obama was subject to much criticism in Singapore over his perceived neglect of free trade,with Congress and powerful Democratic barons in the trade union movement clamouring to protect US industry as joblessness soars.

In a concluding declaration,the leaders said: “We firmly reject all forms of protectionism and reaffirm our commitment to keep markets open and refrain from raising new barriers to investment or to trade in goods and services.”

“We cannot go back to growth as usual,” they added,calling for a “fresh model of economic integration”.

“We will pursue growth which is balanced,inclusive and sustainable,supported by innovation and a knowledge-based economy,to ensure a durable recovery that will create jobs and benefit our people.”

Discord over currencies in us,china

SINGAPORE: The US and China sparred over exchange rates at a meeting of Asia Pacific leaders on Sunday,pointing to tricky talks ahead for President Barack Obama when he flies to China to address economic tensions. The discord surfaced at a summit of the Asia Pacific Economic Cooperation (APEC) forum in Singapore when a reference to “market-oriented exchange rates” was cut from a communique issued at the end of two days of talks. An APEC delegation official said Washington and Beijing could not agree on the wording. reuters