News / Economy

Slowing Chinese Growth Tops APEC Agenda

Slowing Chinese Growth Leads APEC Investmentsi
|| 0:00:00
X
Scott Stearns
September 08, 2012 10:21 AM
As Asia-Pacific leaders gather in Russia this week, for their annual heads-of-state forum, slowing growth and investment in China dominate APEC's economic agenda. VOA State Department correspondent Scott Stearns has the story.

Slowing Chinese Growth Leads APEC Investments

Chinese President Hu Jintao was one of the first leaders to arrive in Vladivostok for the Asia-Pacific Economic Cooperation (APEC) summit.
 
As Asia-Pacific leaders gather in the Russian city for their annual heads-of-state forum on Saturday, slowing growth and investment in China, Asia's largest economy, is set to dominate the agenda.
 
Despite slower orders for Chinese manufacturers, China's growth still tops seven percent.
 
"In the very near term, I think the key word is stabilization," said Hong Kong economist Shen Minggao, head of China research for Citigroup, who expects to see measures to stabilize the economy and avoid social unrest undertaken.
 
"But promoting consumption or services are deemed longer-term measures," he says. "So in the very near term, they have to go back to the traditional growth engines, for example exports."
 
At a meeting of APEC ministers held on Thursday, Australian Finance Minister Penny Wong said China has a record of making the right moves.
 
"While there has been some moderation in Chinese growth, our observation would be — and I think that it is a sound one — that Chinese authorities have room to move, to support growth consistent with the plans they have outlined," she said.
 
But according to Dan Ikenson, director of trade policy studies at the Cato Institute, a Washington-based libertarian think tank, Chinese research and development lags behind most other major economies.
 

APEC Leaders to Discuss Rival South China Sea Claims

x
APEC Leaders to Discuss Rival South China Sea Claimsi
|| 0:00:00
X
Scott Stearns
September 04, 2012 8:01 PM
Asia-Pacific leaders meeting in Russia this week are expected to discuss how best to reconcile border disputes in the South China Sea. VOA's Scott Stearns reports that Vietnam, Taiwan, Malaysia, Brunei, the Philippines and China all have competing territorial claims.

APEC Leaders to Discuss Rival South China Sea Claims

"China is very good at mid-level manufacturing and assembly. They want to work their way up the value chain. The problem is they do not have the right policies in place to do that," he said. "You need a culture of dissent. Not only do we have a culture that tolerates dissent here [in the U.S.], but it encourages it, and that is what you need for innovation."
 
Without expanded Chinese civil liberties, he says, the country is a poor long-term driver for growth among its fellow APEC member nations. And the APEC summit itself, he adds, is not usually a place where many deals get done.
 
"It is almost like a cocktail party that your boss insists that you go to because maybe some future business is going to come out of some handshake or something," he said. "But there is not much more too it than that. I think there is a reluctance of countries, of government, to turn their back on it and say, 'Eh, this is not worth our time', because who knows? Maybe next year something concrete will come out of it."
 
At this year's summit, APEC leaders are also expected to discuss trade and investment liberalization, greater regional economic integration, and food security.

You May Like

Video Obama Announces Plan to Send 3,000 Troops to Liberia in Ebola Fight

At US Centers for Disease Control and Prevention, Obama details troop deployment and other pieces of US plan More

Video China Muslims Work to Change Perceptions After Knife Attacks

Muslims in Kunming say that they condemn the violence, it is not a reflection of the true beliefs of their faith More

Humanitarian Aid, Equipment Blocked in Cameroon

Move is seen as a developing supply crisis in West Africa More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Enviropreneur Seeks to Save the Environment, Empower the Communityi
X
September 16, 2014 2:06 PM
Lorna Rutto, a former banker, is now an ‘enviropreneur’ - turning plastic waste into furniture and fences discusses the challenges she faces in Africa with raw materials and the environment.
Video

Video Enviropreneur Seeks to Save the Environment, Empower the Community

Lorna Rutto, a former banker, is now an ‘enviropreneur’ - turning plastic waste into furniture and fences discusses the challenges she faces in Africa with raw materials and the environment.
Video

Video West Trades Accusations Over Ransoms

As world leaders try to forge a common response to the threat posed by Islamic State militants in Iraq and Syria, there is simmering tension over differing policies on paying ransoms. In the past month, the jihadist group has beheaded two Americans and one Briton. Both countries refuse to pay ransom money. As Henry Ridgwell reports for VOA from London, there is uncertainty in the approach of some other European nations.
Video

Video Scotland Independence Bid Stokes Global Interest

The people of Scotland are preparing to vote on whether to become independent and break away from the rest of Britain, in a referendum being watched carefully in many other countries. Some see it as a risky experiment; while others hope a successful vote for independence might energize their own separatist demands. Foreign immigrants to Scotland have a front row seat for the vote. VOA’s Henry Ridgwell spoke to some of them in Edinburgh.
Video

Video Washington DC Mural Artists Help Beautify City

Like many cities, Washington has a graffiti problem. Buildings and homes, especially in low-income neighborhoods, are often targets of illegal artwork. But as we hear from VOA’s Julie Taboh, officials in the nation's capital have come up with an innovative program that uses the talents of local artists to beautify the city.
Video

Video US Muslim Leaders Condemn Islamic State

Leaders of America's Muslim community are condemning the violent extremism of the Islamic State group in Iraq and Syria. The U.S. Muslim leaders say militants are exploiting their faith in a failed effort to justify violent extremism. VOA correspondent Meredith Buel reports.
Video

Video Americans' Reaction Mixed on Obama Strategy for Islamic State Militants

President Barack Obama’s televised speech on how the United States plans to “degrade and destroy” the group known as the Islamic State reached a prime-time audience of millions. And it came as Americans appear more willing to embrace a bolder, tougher approach to foreign policy. VOA producer Katherine Gypson and reporter Jeff Seldin have this report from Washington.
Video

Video Authorities Allege LA Fashion Industry-Cartel Ties

U.S. officials say they have broken up crime rings that funneled tens of millions of dollars from Mexican drug cartels through fashion businesses in Los Angeles. Mike O'Sullivan reports that authorities announced nine arrests, as 1,000 law enforcement agents fanned out through the city on Wednesday.
Video

Video Bedouin Woman Runs Successful Business in Palestinian City

A Bedouin woman is breaking social taboos by running a successful vacation resort in the Palestinian town of Jericho. Bedouins are a sub-group of Arabs known for their semi-nomadic lifestyle. Zlatica Hoke says the resort in the West Bank's Jordan Valley is a model of success for women in the region.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid

World Currencies

EUR
USD
0.7722
JPY
USD
107.08
GBP
USD
0.6171
CAD
USD
1.1041
INR
USD
61.075

Rates may not be current.