News / Economy

Slowing Chinese Growth Tops APEC Agenda

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.
 
"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

Philippines, Muslim Rebels Try to Salvage Peace Pact

Peace process faces major setback after botched military operation to find terrorists results in bloody gunbattle between government forces, Moro Islamic Liberation Front fighters More

Republicans Expect Long, Expensive Presidential Battle

Political strategist says eventual winner will be one who can put together strongest coalition of various conservative groups that make up Republican Party More

Video New Wheelchair Is Easier to Use, Increases Mobility

Engineers have come up with a lever-operated design that makes use of easily accessible bicycle technology 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.
Liberia's Almost Last Ebola Patient Grateful but Still Grievingi
X
Benno Muchler
March 26, 2015 3:41 PM
Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Liberia's Almost Last Ebola Patient Grateful but Still Grieving

Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.
Video

Video US, South Korea Conduct Joint Military Exercises

The Eighth U.S. Army Division and the Eighth Republic of Korea Mechanized Infantry Division put on a well orchestrated show of force for the media this week during their joint military training exercises in South Korea. VOA’s Seoul correspondent Brian Padden was there and reports the soldiers were well disciplined both in conducting a complex live fire exercise and in staying on message with the press.
Video

Video Space Program Status Disappoints 'Last Man on the Moon'

One of the films that drew big crowds last week at the annual South by Southwest festival in Austin, Texas, tells the story of the last human being to stand on the moon, U.S. astronaut Eugene Cernan. It has been 42 years since Cernan returned from the moon and he laments that no one else has gone there since. VOA’s Greg Flakus reports.
Video

Video Young Filmmakers Shine Spotlight on Giving Back

A group of student filmmakers from across the United States joined President Barack Obama at the White House this month for the second annual White House Student Film Festival. Fifteen short films were officially selected from more than 1,500 entries by students aged 6 through 18. The filmmakers and their families then joined the president and a group of celebrities for a screening of their films. VOA’s Julie Taboh reports.
Video

Video VOA Exclusive: Interview with Afghan President Ashraf Ghani

Afghan President Ashraf Ghani, during his first visit as president to Washington, gave a one-on-one interview with VOA Afghan Service reporter Said Suleiman Ashna, about his request for a change in U.S. troop levels, the threat from the Islamic State, and repairing relations with the United States and Pakistan. The interview was held at Blair House, late Sunday, in Pashto.
Video

Video California Science Center Tells Story of Dead Sea Scrolls

The ancient manuscripts were uncovered in the mid-20th century, and they are still yielding clues about life and religious beliefs in ancient Israel. As VOA's Mike O'Sullivan reports, an exhibit in Los Angeles shows how modern science is bringing the history of these ancient documents to life.
Video

Video Angelina Jolie Takes Another Bold Step

Hollywood actress and filmmaker Angelina Jolie has revealed she had her ovaries and fallopian tubes removed to lower her odds of getting cancer. Doctors say the huge publicity over her decision will help raise awareness about the importance of cancer screening. VOA’s George Putic has more

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

World Currencies

EUR
USD
0.9211
JPY
USD
119.18
GBP
USD
0.6722
CAD
USD
1.2509
INR
USD
62.518

Rates may not be current.