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POLITICAL ECONOMY
China's Hu warns global recovery under threat
by Staff Writers
Honolulu, Hawaii (AFP) Nov 12, 2011


Chinese President Hu Jintao warned on Saturday that the global economy recovery was under threat and called for efforts to boost growth and liberalize trade.

"The global economic recovery is fraught with greater instability and uncertainty," Hu said during a speech in Honolulu ahead of a summit of Asia-Pacific leaders.

Referring to Europe's sovereign debt crisis, he said the world must remain committed to "ensuring strong growth in order to add momentum to the economic development of the Asia-Pacific and beyond."

President Barack Obama is hosting leaders from the 21-member Asia-Pacific Economic Cooperation (APEC) forum to its annual summit, held this year in his native Hawaii amid growing concern over Europe's woes.

Obama hopes to use the summit to get the ball rolling on a free trade agreement -- the Trans-Pacific Partnership, or TPP -- that his administration envisions as cementing America's role in the Asia-Pacific region.

Obama said nine nations had reached a "broad outline" on the TPP.

China, whose economic policies are often criticized by trading partners as protectionist, is not one of the nations involved but Hu voiced support for the idea in his speech.

"China supports steady efforts to promote the establishment of an Asia-Pacific free trade area and the realization of the goal of regional economic integration on the basis of" various proposals including the TPP, he said.

He made no mention of any Chinese plans to get directly involved in the pact, which could usher in one of the largest free trade zones in the world.

However, responding to earlier complaints by China that it had not been invited to the pact, US Deputy National Security Advisor Michael Froman told reporters members must first meet certain standards of trade liberalization.

"TPP is not something that one gets invited to. It's something that one aspires to," he said.

Hu said his government would do its part for the global recovery by continuing policies aimed at ensuring steady growth of China's increasingly powerful economy, now the world's second-largest after the United States.

"China's development constitutes an important force driving economic growth in the Asia-Pacific region and the world," he said, vowing also that China would get more deeply involved in Asia-Pacific economic cooperation efforts.

Hu added that China would work to increase imports -- a key demand of trading partners upset over habitual Chinese trade surpluses -- but made no mention of its controversial currency policy.

US Secretary of State Hillary Clinton on Thursday reiterated US calls for China to allow its currency to rise. Critics say the Chinese yuan is kept artificially low to boost exports.

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Obama praises Japan PM's 'boldness'
Honolulu, Hawaii (AFP) Nov 12, 2011 - President Barack Obama on Saturday praised the "boldness" of Japanese Prime Minister Yoshihiko Noda who took political risks to join talks on a sweeping US-backed Pacific free trade deal.

Obama, holding his first substantive talks with the recently installed Japanese prime minister at an Asia-Pacific summit in Hawaii, said: "I have been extremely impressed already with the boldness of his vision."

"The alliance between the United States and Japan is the cornerstone of our relationship but also for security in the Asia-Pacific region for a very long time."

Obama has promoted the so-called Trans-Pacific Partnership as a new brand of free trade agreement that protects labor and environmental standards and solidifies the US role in setting the rules in fast-growing Asia.

On the eve of the summit, Noda said that Japan would enter talks on the partnership, which already includes nine countries, despite fierce opposition by a key farmer group in the world's third largest economy.

"I'm very much encouraged by the fact that America is increasing its presence in the Asia-Pacific region," Noda said, signaling that strategic considerations contributed to his decision.

"I do believe that Japan and the United States must work closely together to establish economic goals and also establish security order in this region," Noda said.

The Obama administration took office in 2009 pledging to show its commitment to its longstanding alliance with Japan, but relations were bumpy as a new government in Tokyo challenged plans on a controversial US military base.

Relations have improved, however, after the United States mounted a round-the-clock relief effort to help Japan after the March 11 earthquake and tsunami ravaged its northeastern coast.

Obama told Noda that the United States remains concerned about Japan as it rebuilds from the tragedy.

"I want to assure you that the American people continue to stand beside you and ready to help in any way they can," Obama said.



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POLITICAL ECONOMY
China property market dip may have global impact
Beijing (AFP) Nov 13, 2011
China's property market, a mainstay of the world's second-largest economy, has started to suffer a downturn that could have a knock-on effect on global trade in commodities, analysts warn. Housebuying demand has fallen across China after authorities, fearing a property bubble, banned second home purchases in places including Beijing, increased minimum down payments and trialled property taxe ... read more


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