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

    Turkey, West in Standoff Over Syrian Refugees

    Turkish government refuses to admit refugees, the first in a wave of civilians fleeing offensive by Assad regime in northern Aleppo countryside

    Jailed American Testifies About Islamist Involvement in Mumbai Attacks

    David Headley testifies via video link that Pakistan-based Islamic terror group made two failed attempts to mount strikes in Mumbai in months prior to coordinated assault

    These Are the 10 Smartest US States

    A new report breaks down the nation's best and brightest

    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.
    German Artists to Memorialize Refugees With Life Jacket Exhibiti
    X
    Hamada Elsaram
    February 05, 2016 4:30 PM
    Sold in every kind of shop in some Turkish port towns, life jackets have become a symbol of the refugee crisis that brought a million people to Europe in 2015.  On the shores of Lesbos, Greece, German artists collect discarded life jackets as they prepare an art installation they plan to display in Germany.  For VOA, Hamada Elrasam has this report from Lesbos, Greece.
    Video

    Video German Artists to Memorialize Refugees With Life Jacket Exhibit

    Sold in every kind of shop in some Turkish port towns, life jackets have become a symbol of the refugee crisis that brought a million people to Europe in 2015.  On the shores of Lesbos, Greece, German artists collect discarded life jackets as they prepare an art installation they plan to display in Germany.  For VOA, Hamada Elrasam has this report from Lesbos, Greece.
    Video

    Video E-readers Help Ease Africa's Book Shortage

    Millions of people in Africa can't read, and there's a chronic shortage of books. A non-profit organization called Worldreader is trying to help change all that one e-reader at a time. VOA’s Deborah Block tells us about a girls' school in Nairobi, Kenya where Worldreader is making a difference.
    Video

    Video Genius Lets World Share Its Knowledge

    Inspired by crowdsourcing companies like Wikipedia, Genius allows anyone to edit anything on the web, using its web annotation tool
    Video

    Video Former Drug CEO Martin Shkreli Angers US Lawmakers

    A former U.S. pharmaceutical business executive has angered lawmakers by refusing to explain why he raised the price of a life-saving pill by 5,000 percent. Martin Shkreli was removed from a congressional hearing on Thursday after citing his Fifth Amendment right to stay silent. Zlatica Hoke has more.
    Video

    Video Super Bowl TV Commercials are Super Business for Advertisers

    The Super Bowl, the championship clash between the two top teams in American Football, is the most-watched sporting event of the year, and advertisers are lining up and paying big bucks to get their commercials on the air. In fact, the TV commercials during the Super Bowl have become one of the most anticipated and popular features of the event. VOA's Brian Allen has a sneak peek of what you can expect to see when the big game goes to commercial break, and the real entertainment begins.
    Video

    Video In Philippines, Mixed Feelings About Greater US Military Presence

    In the Philippines, some who will be directly affected by a recent Supreme Court decision clearing the way for more United States troop visits are having mixed reactions.  The increased rotations come at a time when the Philippines is trying to build up its military in the face of growing maritime assertiveness from China.  From Bahile, Palawan on the coast of the South China Sea, Simone Orendain has this story.
    Video

    Video Microcephaly's Connection to Zika: Guilty Until Proven Innocent

    The Zika virus rarely causes problems for the people who get it, but it seems to be having a devastating impact on babies whose mothers are infected with Zika. VOA's Carol Pearson has more.
    Video

    Video Solar Innovation Provides Cheap, Clean Energy to Kenya Residents

    In Kenya, a company called M-Kopa Solar is providing clean energy to more than 300,000 homes across East Africa by allowing customers to "pay-as-you-go" via their cell phones. As Lenny Ruvaga reports from Kangemi, customers pay a small deposit for a solar unit and then pay less than a dollar a day to get clean energy to light up their homes or businesses.
    Video

    Video Stunning Artworks Attract Record Crowds, Thanks to Social Media

    A new exhibit at the oldest art museum in America is shattering attendance records. Thousands of visitors are lining up to see nine giant works of art that have gotten a much-deserved shot of viral marketing. The 150-year-old Smithsonian American Art Museum has never had a response quite like this. VOA's Julie Taboh reports.
    Video

    Video Apprenticeships Put Americans on Path Back to Work

    Trying to get more people into the U.S. workforce, the Obama administration last year announced $175 million in grants towards apprenticeship programs. VOA White House correspondent Aru Pande went inside one training center outside of Washington that has gained national recognition for helping put people on the path to employment.
    Video

    Video New Material May Reduce Concussion Effects

    As the 2016 National Football League season reaches its summit at the Super Bowl this coming Sunday (2/7), scientists are trying to learn how to more effectively protect football players from dangerous and damaging concussions. Researchers at Cardiff and Cambridge Universities say their origami-based material may solve the problem. VOA’s George Putic reports.
    Video

    Video Saudi Arabian Women's Sports Chip Away at Stereotypes

    Saudi Arabian female athletes say that sports are on the front line of busting traditions that quash women’s voices, both locally and internationally. In their hometown of Jeddah, a group of basketball players say that by connecting sports to health issues, they are encouraging women and girls to get out of their homes and participate in public life. VOA’s Heather Murdock reports.
    Video

    Video A Year Later, Fortunes Mixed for Syrians Forging New Lives in Berlin

    In April of last year, VOA followed the progress of six young Syrian refugees -- four brothers and their two friends -- as they made their way from Libya to Italy by boat, and eventually to Germany. Reporter Henry Ridgwell caught up with the refugees again in Berlin, as they struggle to forge new lives amid the turmoil of Europe's refugee crisis.
    Video

    Video Zika Virus May be Hard to Stop

    With the Zika virus spreading rapidly, the World Health Organization Monday declared Zika a global health emergency. As Alberto Pimienta reports, for many governments and experts, the worst is yet to come.

    World Currencies

    EUR
    USD
    0.8926
    JPY
    USD
    116.68
    GBP
    USD
    0.6871
    CAD
    USD
    1.3751
    INR
    USD
    67.653

    Rates may not be current.