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APEC summit concludes, leaders issue declaration to urge new growth paradigm

2009-11-16 08:12 BJT

Special Report: Hu Visits 2 Nations, Attends APEC Summit |

By Xu Lingui

SINGAPORE, Nov. 15 (Xinhua) -- Leaders of the 21-member Asia- Pacific Economic Cooperation (APEC) on Sunday issued a declaration pledging to undergo economic structural reforms, resist trade protectionism in order to develop a new growth model to sustain the weak global recovery.

The closing luncheon of the 17th APEC Economic Leaders Meeting is held at the Istana, Singapore President's office and residence, Nov. 15, 2009.(Xinhua/Xu Jinquan)
The closing luncheon of the 17th APEC Economic Leaders Meeting is held at
the Istana, Singapore President's office and residence, Nov. 15, 2009.
(Xinhua/Xu Jinquan)

The declaration also marks the conclusion of the 8-day APEC Leaders Week meetings that drew thousands of the world's top politicians, economists, businessmen at a time when the world economy, led by Asia, is recovering from the worst recession since the 1930s.

"Our robust policy responses have helped to set the stage for recovery. But economic recovery is not yet on a solid footing," said the declaration, made public by Singapore Prime Minister Lee Hsien Loong, U.S. President Barack Obama, Japanese Prime Minister Yukio Hatoyama, Chinese President Hu Jintao and 18 other regional leaders.

"Looking beyond supporting the recovery, we recognize the necessity to develop a new growth paradigm for the changed post-crisis landscape. We cannot go back to 'growth as usual'," the declaration said.

Leaders vowed to put in place next year a comprehensive long-term growth strategy while maintaining the emergency stimulus policies -- estimated at 1 trillion U.S. dollars -- until a durable recovery has clearly taken hold.

The APEC zone, stretching from China to Chile, has 2.7 billion population and accounts for 54 percent of the world's economic output and 44 percent of the global trade.

"What we say here will attract worldwide attention, and what we agree upon here will have a major impact on the development of the world and this region in particular," Hu Jintao said on Sunday's session of the summit.