APEC leaders call for new growth strategies

Obama and 20 other leaders, meeting in Singapore for the annual Asia-Pacific Economic Cooperation forum, rejected all forms of protectionism and agreed on the need for a long-term growth strategy that takes into account the diverse needs of economies in a region stretching from Chile to China.

Recovery is not yet on solid footing and the region cannot go back to "growth as usual," Singapore Prime Minister Lee Hsien Loong said, reading from a joint statement by the APEC leaders.

"We need a fresh growth paradigm. We need a fresh model of economic integration," they said.

To that end, APEC members pledged to maintain their economic stimulus policies until a durable economic recovery has clearly taken hold. "We will pursue growth which is balanced, inclusive and sustainable to ensure a durable recovery that will create jobs and benefit our people," they said.

Nations must work toward "strong, sustainable and balanced global economic growth" in the post-crisis period with policies that expand opportunities for all sectors of society, including women and small business owners; take better care of the environment; and promote development while reducing poverty and ensuring security, they said.

There was no mention of currency rates in the final statement, despite finance ministers' calls for maintaining "market-oriented exchange rates." That was a reference to the Chinese currency, the yuan, which is kept artificially undervalued, making other currencies less competitive.

An earlier push for concrete goals for reductions of greenhouse gas emissions was cut out of the statement. A previous draft had pledged a 50 percent reduction from 1990 levels by 2050, but the final statement committed only to working toward "an ambitious outcome" at climate talks in Copenhagen, Denmark, next month.

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