APEC is a 21-nation forum for free and open trade, accounting for more than 40 percent of the world’s population.
The business leaders at the meeting all agreed that it is Asia that will balance the world’s economy in this period of recession.
As the spending falls and savings increase in the world’s biggest economy, the United States, "somebody else has to spend more somewhere else in the world. This has to be in Asia," said Singaporean Prime Minister Lee Hsien Loong.
"The next few years' growth will be slow worldwide but in the long term, Asia will do well," he said addressing the business leaders.
Developing countries will help in recovery
Lee also said that demographics for China and India are more favorable for growth, these two economies being the only ones having growth rate over 6 percent. The middle class in these economies have greater spending power for urbanization.
"Historically, the developed economies led recoveries. This time, it's going to be the developing economies," said Dennis Nally, global chairman of PricewaterhouseCoopers International.
Various business leaders, however, believe that recovery must be balanced to ensure a sustainable growth level.
"APEC ministers agreed to make 25 percent cheaper, faster and easier to do business in the region by 2015," trade and foreign ministers said in a statement.
Hu Jinato’s views
Chinese President Hu Jintao said in his 20-minute speech that China’s economy may require some concessions to contribute on the global imbalances.
"We must continue to promote trade and investment liberalisation and facilitation and oppose protectionism in all its manifestations, particularly the unreasonable trade and investment restrictions imposed on developing countries," said Hu.
"We should intensify economic and technological cooperation, reduce man-made barriers to technology transfer, narrow the technological gap, especially the green technology gap, between developed and developing countries and avoid a new "green divide," he said.
He also encouraged financial supervision and regulatory reforms saying, "We should encourage stronger international cooperation in financial supervision and regulation, expand the coverage of supervision and regulation and move quickly to adopt supervisory and regulatory standards that are widely acceptable.”
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