China, Russia sound alarm on world economy
China and Russia sounded the alarm about the state of the global economy at a summit on Saturday and urged Asian-Pacific countries to protect themselves by forging deeper regional economic ties.
08 Sep 2012
Chinese President Hu Jintao said Beijing would do all it could to strengthen the 21-member Asia-Pacific Economic Cooperation (APEC) and boost prospects of a global recovery by rebalancing its economy, Asia’s biggest.
Russian President Vladimir Putin said trade barriers must be smashed down. He is hosting the event on a small island linked to the Pacific port of Vladivostok by a spectacular new bridge, a symbol of Moscow’s pivotal turn to Asia away from debt-stricken Europe.
“It’s important to build bridges, not walls. We must continue striving for greater integration,” Putin told APEC leaders seated at a round table in a room with a view of the $1 billion cable-stayed bridge, the largest of its kind.
“The global economic recovery is faltering. We can overcome the negative trends only by increasing the volume of trade in goods and services and enhancing the flow of capital.”
China’s Hu told business leaders before the summit the world economy was being hampered by “destabilising factors and uncertainties” and the crisis that hit in 2008-09 was far from over. Beijing would play its role, he said, in strengthening the recovery.