APEC members to keep stimulus spending until recovery
Asia-Pacific leaders on Sunday vowed to keep stimulus spending packages until a recovery from the global economic crisis is in place.business Updated: Nov 15, 2009 10:57 IST
Asia-Pacific leaders on Sunday vowed to keep stimulus spending packages until a recovery from the global economic crisis is in place.
"We will maintain our economic stimulus policies until a durable economic recovery has clearly taken hold," the Asia-Pacific Economic Cooperation (APEC) leaders said in a statement issued at the end of their two-day annual summit.
US President Barack Obama, Chinese President Hu Jintao and 19 other leaders said the stimulus packages have "helped set the stage for recovery" from the financial crisis.
But they stressed that "economic recovery is not yet on solid footing" and pledged to reject protectionism and keep their markets open.
"Our commitments to reject protectionism and keep our markets open and free have enabled trade to be part of the solution rather than the problem," they said in the joint declaration.