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Global economic tensions were aired at an Asia-Pacific summit on Saturday, with the United States and the Chinese regime exchanging veiled criticisms over trade protectionism, intellectual property and the balance of global growth. Among the highlights, was Chinese leader Hu Jintao pushing for a greater say in the global economy, and the US pushing for a trading hub of Pacific nations to cement its role in the region.
At the Asia-Pacific Economic Cooperation summit of 21 nations held in Hawaii over the weekend, Chinese leader Hu Jintao said countries should work together to combat the rising threat of protectionism and maintain economic growth.
Among the Chinese regime's concerns are US moves to sanction China if it does not allow its currency to appreciate.
[Hu Jintao, General Secretary of the CCP]:
"Rising inflationary pressures confront emerging markets. Protectionism in various forms is on the notable increase. Global economic recovery is fraught with greater instability and uncertainty."
Hu said China would be pushing for a greater say in the global economic order. It's apparently already playing out, as the European Union turns to the Chinese regime for financial support.
US president Barack Obama said both countries could benefit from mutual trade, but the Chinese regime needed to "play by the rules." He said it was "not acceptable" that the intellectual property of US firms was not adequately protected in China, and China's under-valued currency was giving Chinese exports an unfair advantage.
Obama reiterated complaints by global companies trying to do business in China that regulations and practices discriminate against foreign firms.
