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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Clinton urges Asians to give more By MIN LEE,Associated Press Writer AP - 24 minutes ago HONG KONG - Asia is less likely to be hit hard by the global economic downturn because governments in the region took action to correct their financial systems in response to the crippling 1997-98 crisis, former President Bill Clinton said Wednesday at a meeting to promote his charitable foundation. Clinton warned that Asian charities are underexposed and said people in the region should not use the financial crisis as an excuse not to give. "It is likely that whatever happens will not be as bad here, comparatively, as it is in other places of the world," he said at the close of the Clinton Global Initiative Asia conference in Hong Kong. Responding to the financial crisis in the late 1990s, Asian governments "addressed a lot of the structural, financial and other problems that we now have to deal with in America and the Europeans have to deal with." Several Asian economies are already in recession or have reported slowed growth. Japan and Hong Kong slipped into recession in the third quarter. Australia reported just 0.1 percent growth in the same period, while South Korea reported 3.8 percent growth, down from 4.8 percent in the second quarter. Reporting 9 percent growth in the third quarter, China has avoided a big hit so far because its banks are healthy and its exports are strong. But conditions are expected to worsen in the coming months as export demand weakens and growth in real estate and other domestic industries slows. Clinton said he hoped his visit would help to promote Asian charities in the West. "I don't think many people outside this region have any idea how much new philanthropy there is," Clinton said. "I hope by coming (it) here has had the impact of at least getting those of you who are laboring some more visibility." Organizers said the Clinton conference has resulted in pledges worth $185 million, including: $15 million from the World Food Programme to feed families in Bangladesh, India, Indonesia, Laos, Myanmar and East Timor; and $7 million from The Lifeline Express Hong Kong Foundation, the Chinese Ministry of Health and the International Council of Ophthalmology to provide more than 100,000 people with free cataract surgery. Clinton agreed to greater oversight of his foundation to pave the way for the appointment of his wife, Sen. Hillary Rodham Clinton, as President-elect Barack Obama's secretary of state. He may no longer hold Clinton Global Initiative conferences overseas and must refuse donations from foreign governments. Clinton also agreed to disclose every donor since the foundation's inception in 1997, step away from its day-to-day running, and allow the Obama administration to review his speaking schedule and new sources of income. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SNAPSHOT - Financial Crisis - 1240 GMTReuters - 21 minutes ago FTSE-100 down 12.79 points at 4,110.07AP - 21 minutes ago Wall Street heads for lower openAP - 21 minutes ago GM exec: bankruptcy not an option for industryAP - 22 minutes ago GLOBAL MARKETS-Gloomy data hit stocks, rate cuts eyedReuters - 23 minutes ago Most Popular – Business Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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