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Chinese President urges efforts to oppose protectionism.

Saturday, November 12, 2011 - 01:52

Nov. 12 - Chinese President Hu Jintao urges countries to take concrete actions on development issues and protectionism. Deborah Lutterbeck reports.

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At the APEC meeting in Hawaii Chinese President Hu Jintao called for a firm commitment to promoting global growth and stability and said there was a need to focus on a balanced partnership for economic governance. SOUNDBITE: Chinese President Hu Jintao, saying (Mandarin): "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." In a speech to business executives he urged developed countries to take concrete action on development issues. SOUNDBITE: Chinese President Hu Jintao, saying (Mandarin): "We must be firmly committed to maintaining growth and promoting stability, with a special emphasis on ensuring strong growth in order to add momentum to the economic development to the Asia-Pacific region and the world." Tensions had been building ahead of APEC gathering a proposed U.S.-led free trade deal, the Trans-Pacific Partnership (TPP) between the U.S. and at least eight other Asia-Pacific economies, that Washington wants as counterbalance to Chinese influence but Beijing sees as an attempt to force it to play by U.S. rules. China has given a cool reception to the TPP idea, apparently concerned that it would be pushed into opening its markets further, at Washington's behest. On Saturday U.S. President Barack Obama said the broad outlines of a deal had been reached on the TPP initiative and he predicted success for the agreement within the year. Deborah Lutterbeck, Reuters

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Chinese President urges efforts to oppose protectionism.

Saturday, November 12, 2011 - 01:52