Yokohama – President Barack Obama has said no nation should rely on exports to the United States for growth.
He was speaking in Yokohama in Japan on the sidelines of the Apec summit.
Obama said countries with a large surplus must take steps to boost domestic demand – in an apparent reference to China and Japan.
Chinese President Hu Jintao said his country was trying to increase domestic consumption, but any currency adjustments would come gradually.
The leaders of 21 nations are taking part in the meeting of the Asia Pacific Economic Co-operation forum (Apec), with talks focusing on ways to establish a free trade area in the region.
It follows a G20 summit in Seoul, which highlighted disagreements among members over trade imbalances.
Addressing business executives in Yokohama, President Obama said the economic crisis had shown the limits of depending on US consumers and Asian exporters to drive growth.
“Going forward, no nation should assume that their path to prosperity is simply paved with exports to America,” he said.
He added that healthy competition need not cause rifts between nations.
“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.”
Taking the podium after Obama, Hu reaffirmed Beijing’s commitment to gradual currency reform and balanced trade.
“China will continue making encouraging a balanced international balance of payments an important task in ensuring macro-economic stability,” he said. (BBC)
Here, President Barack Obama eats green tea ice cream as he visits the Great Buddha of Kamakura with Michiko Sato, temple director, and Takao Sato, the 15th chief monk of the temple, at Kotokuin Temple in Kamakura, Japan, yesterday.
