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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World APEC ministers credit China with fueling recovery By ELAINE KURTENBACH,AP Business Writer - Friday, November 13 Send IM Story Print SINGAPORE – China is winning credit for the mix of stimulus spending and stable finances that has helped rekindle a global recovery, with U.S. Treasury Secretary Timothy Geithner and other leaders downplaying the issue of the weak Chinese currency. Asia-Pacific finance ministers pledged Thursday to embrace more flexible exchange rates _ reflecting persisting concern that restrictions on the Chinese currency that keep it tied to the weakening U.S. dollar are hurting exporters in other countries. But the focus, the officials said, was more on crafting stable growth strategies that will enable them to eventually scale back stimulus spending as unemployment falls and business investment recovers. "Right now, the challenge is growth. First growth: Let's make sure we have business confidence restored, private investment sustaining again, unemployment coming down, the financial sectors definitively repaired," Geithner said. "The downside risk of discontinuing the stimulus is substantial," he said. Indonesian Trade Minister Mari Pangestu concurred. "The recovery is fragile and everybody agrees. How to sustain it means that you can't exit too quickly," she said. The weeklong Asia-Pacific Economic Cooperation forum culminates in a leaders' weekend summit that will include President Barack Obama, Chinese President Hu Jintao and Japanese Prime Minister Yukio Hatoyama. Foreign and trade ministers set concrete goals to improve business conditions in Asia and the Pacific Rim. They pledged to make it 25 percent cheaper, faster and easier to do business in the region by 2015 in a firm show of their commitment to boosting trade and investment during the global economic recovery. Business leaders holding a CEO summit Friday said emerging economies are leading the world out of the recession. "Historically, the developed economies led recoveries. This time, it's going to be the developing economies," said Dennis Nally, global chairman of PricewaterhouseCoopers International. To ease and sustain the recovery, finance ministers declared that APEC's 21 member economies would undertake monetary policies based on flexible exchange rates. But Geithner and others downplayed criticism of China's slow pace of reforms to allow freer trading in its currency, the yuan. China's economic recovery from a slowdown late last year, with 8.9 percent growth in the third quarter, is widely credited with helping stimulate demand and counter recessions in other countries. "If you look at the broad thrust of policy from China, it is playing a major role in helping contribute to recovery," Geithner said. "The broad thrust of reforms provides a very promising basis for helping underpin a more solid foundation for growth in the future, not just in the region but around the world," he said. Geithner shied away from comment on whether Obama, who will visit Beijing after attending the summit in Singapore, will lobby Chinese leaders for faster movement on loosening restrictions on the yuan _ a longtime demand by Washington and many American manufacturers. European and other Asian exporters complain that the yuan's effective peg against a weakening U.S. dollar, makes Chinese exports artificially cheaper, and thus more competitive, in overseas markets. But he and others trod softly on the issue. "From today's discussions, none of us around the table were calling for or thought it advisable to have any sudden significant realignment of exchange rates," said Tharman Shanmugaratnam, Singapore's finance minister. Such changes themselves won't resolve imbalances in demand and investment that have contributed to the crisis, and which must be confronted to ensure a sustainable long-term recovery. "It's not a silver bullet," he said. Beijing has pledged to move toward a market-based exchange rate policy but has given no timetable, saying it must calibrate reforms to avoid disrupting its own developing financial system. China's omission Thursday in its quarterly monetary policy report of its usual pledge to keep the yuan "basically stable at a reasonable and balanced level" was viewed by some analysts as a signal Beijing might allow its currency to rise. But China's finance minister, Zhu Guangyao, gave no hint of any intention to break with the current effective peg of about 6.83 yuan to the U.S. dollar _ where it has remained since China's own economy began feeling the repercussions of the global crisis. "It's a step-by-step approach. The Chinese government has never changed that," Zhu said. Beijing's policies were contributing to Chinese and global economic stability and recovery, he said, adding, "Moving too quickly will have a real negative effect." For lasting improvements, the region will need to put up with short-term, painful sacrifices, said Chile's vice finance minister, Maria Olivia Recart. "Fixing the economic situation today is like going to the dentist: It hurts a lot, but you know you are investing in the future," she said. Reducing public sector debt will require lower budget deficits and reforms that support economic growth, as well as ensuring a balanced recovery, the ministers said. Global imbalances in trade, currencies, spending and saving habits have been blamed for much of the severity of the economic crisis. They also called for freer trade and warned against resorting to protectionism, and committed to strengthening financial supervision and regulations to prevent excess credit growth. ___ Associated Press writers Jim Gomez, Jae-soon Chang and Vijay Joshi contributed to this report. 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