APEC urges new growth model, climate pact progress

The leaders wrapped up the annual meeting of the 21-member Asia-Pacific Economic Cooperation forum with a joint pledge to resist protectionism. They also endorsed policies to encourage more environmentally friendly growth that is "balanced, inclusive and sustainable, to ensure a durable recovery that will create jobs and benefit our people."

Growth led mainly by American consumption and borrowing and Chinese exports is not sustainable in the long term, Lee Hsien Loong, Singapore's prime minister, told reporters. Neither is relying on debt-backed stimulus spending to spur demand.

"We know that the old formulas are not going to work as well in the future because it's a different world," he said. "You have to find another balance."

But despite calls for faster progress in world trade talks and efforts to craft a worldwide global warming treaty, the leaders offered no specific, new initiatives for either one — typical of the forum's nonbinding nature.

The World Wildlife Fund's Global Climate Initiative expressed disappointment that an earlier push for a 50 percent reduction in greenhouse gas emissions from 1990 levels by 2050 was omitted from the leaders' final statement.

"Leaders have to take the bull by the horns, and finally tackle the difficult questions, instead of constantly avoiding them," spokeswoman Diane McFadzien said in a statement.

The leaders, who met over breakfast to discuss global warming, committed only to working toward "an ambitious outcome" at climate talks in Copenhagen, Denmark, next month.

But Lee said he believed some countries were holding their cards for later. "This is not an occasion for negotiating climate change," he said.

The annual meeting of APEC, which was founded 20 years ago to promote closer economic ties in the diverse, wide-flung region, focused mainly on ways to ensure the recovery from the worst economic crisis since the 1930s takes hold and endures.

The overriding concern is to end imbalances in trade, investment and growth that are viewed as the underlying causes of the global financial meltdown.

1|2|Next Page>>

SharePrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email