US-China Economic Tensions Play Out at 2011 APEC Summit

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Global economic tensions were aired at an Asia-Pacific summit on Saturday, with the United States and the Chinese regime exchanging veiled criticisms over trade protectionism, intellectual property and the balance of global growth. Among the highlights, was Chinese leader Hu Jintao pushing for a greater say in the global economy, and the US pushing for a trading hub of Pacific nations to cement its role in the region.

At the Asia-Pacific Economic Cooperation summit of 21 nations held in Hawaii over the weekend, Chinese leader Hu Jintao said countries should work together to combat the rising threat of protectionism and maintain economic growth.

Among the Chinese regime's concerns are US moves to sanction China if it does not allow its currency to appreciate.

[Hu Jintao, General Secretary of the CCP]:
"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."

Hu said China would be pushing for a greater say in the global economic order. It's apparently already playing out, as the European Union turns to the Chinese regime for financial support.

US president Barack Obama said both countries could benefit from mutual trade, but the Chinese regime needed to "play by the rules." He said it was "not acceptable" that the intellectual property of US firms was not adequately protected in China, and China's under-valued currency was giving Chinese exports an unfair advantage.

Obama reiterated complaints by global companies trying to do business in China that regulations and practices discriminate against foreign firms.

[Barack Obama, US President]:
"President Hu and I are sure we'll be discussing the issues related to economic growth, how we can continue to rebalance growth around the world, emphasize the importance of putting people back to work, and making sure that the trade relationships and commercial relationships between our two countries end up being a win-win situation."

President Obama said he was confident he could finalize a free trade accord between the United States and eight other Pacific nations in the coming year. This is a core part of US strategy to maintain its strength in the region.

It would be a key deal in protecting US exports and boosting US jobs amid the European slowdown, but has met with a lukewarm response from the Chinese regime.

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[charlibryant]

Let somebody ask where that furniture was made.....

[countypolk863]

On top of that america is already rolling in the dirt now only time will rust it way lmao

[abarzilai664]

@Marh044 There are enviromental concerns with the pipline and people are still using GPS, GLOSSNOS has failed to beat it.

[liquidus2172]

"...discrimination against foreign firms..."

how about US congress stopping the bid made by CNOOC Group to purchase Unocal Corporation in 2005 !!!

HYPOCRISY AND DOUBLE STANDARDS !!!!

[scorpiooooooh]

@Marh044 Yeah? How's that Russian Chinese satellite coming along. You know, the Mars probe Phobos-Grunt. Last I heard it will burn up when it re-enters Earth's atmosphere in late November. Ironic really. After 50 years of trying, the "reddest" countries on the planet cannot get a probe to the red planet. LMFAO THAT'S FUNNY!!!

[Marh044]

America now charges to enter the USA, 5.95, thats how cheap america has become, also they are bully canadians by stopping the pipline and charging us to enter america, so now we are deverting our oil to china. Also russia and EU is lauched new NAVSAT so no need for GPS. obama is souring its trade partners