Apec summit

Leaders to fix world economy

Article published on the 2009-11-15 Latest update 2009-11-15 14:26 TU

Singapore Prime Minister Lee Hsien Loong at the Apec summit on 15 November
(Photo: Reuters)

Leaders from Asia-Pacific, the US and China said they would overhaul the world economy during the Asia-Pacific Economic Cooperation forum on Sunday. But they say they will carry on spending money on stimulus packages until the economy recovery is on track.

"They suffered so much in the crisis, so they really want to rethink the way the economy is working,” correspondent Carrie Nooten told RFI.

But instead of being led by US consumption, leaders from the Apec forum want Asian consumers to spend more and use their savings so that growth will be rebalanced.

They were also keen to underline the importance of free trade and guard against protectionism.

“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,” said a joint declaration.

The meeting focused on sustainable growth and summit chairman Singapore Prime Minister Lee Hsien Loong said they must work towards an “ambitious outcome” at next month’s climate change talks in Copenhagen.

“They want to have a sustainable growth,” said Nooten. “But at the same time, they totally dropped the goal of reducing emissions by half by 2050. There are no numbers, no figures in the final declaration."

Tim Flannery, Chairman of the Copenhagen Climate Council, had spent time at the summit and thinks a reduction of emissions by half by 2050 is feasible, but according to Nooten he is “pessimistic about China and the United States”.