China sounded the alarm about the state of the global economy on Saturday and urged countries gathering at an Asia-Pacific summit to protect themselves by forging deeper regional economic ties.
Russian President Vladimir Putin had also expressed concern about the world economy on Friday, and particularly about Europe’s debt crisis, as he prepared to host the annual APEC summit in the Pacific port city of Vladivostok.
“The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over,” Hu told businessmen in a speech before the summit.
Russia sees the weekend summit as a chance to make a pivotal shift away from Europe, increasing political and economic links with countries in Asia that are showing relatively strong economic growth as Europe struggles with its debt crisis.
Full article: China Sounds Alarm on Global Economy at APEC Summit (CNBC)