& çâÌæÚUæð´ ·¤è ¥ôÚU Îð¹Ùæ ÁæÚUè ÚU¹ð´ ¥ÍæüÌ ¥ÂÙð ÜÿØ ÂÚU ŠØæÙ ÚU¹ð´Ð ãæÚU Ù ×æÙð´, €UØô´ç·¤ ·¤æ× ·¤ÚUÙð âð ¥æÂ·¤ô ©gðàØ ·¤è Âýæç# ãôÌè ãñ ¥õÚU ÁèßÙ ·¤æ ¹æÜèÂÙ ÎêÚU ãôÌæ ãñÐ ÖÜð ãè ÁèßÙ ×ð´ ç·¤ÌÙè Öè ·¤çÆÙæ§ü €UØô´ Ù ¥æ°, çÁ™ææâæ ¥õÚU ©ˆâæã ÕÙæ° ÚU¹ð´Ð ŠØæÙ ÚU¹ð´, ÜÿØ ã×ðàææ ¥æÂ·Ô¤ Âæâ ãôÌð ãñ´ çÁ‹ãð´ ÂæÙð ·Ô¤ çÜ° ÂýØæâ ¥æÂ ·¤Öè Öè àæéM¤ ·¤ÚU â·¤Ìð ãñ´Ð

Promises are easy, but hard to keep

Thanong Khanthong, The Nation (Thailand)
THE Asia Pacific Economic Cooperation (Apec) Summit in Singapore last week succeeded in becoming an extension of the G-20. It embraced a new economic paradigm based on re-balancing global growth, inclusive of prosperity and sustainable growth.
Yet, this is but a parroting of the G-20 Summit's agenda, fostered in Pittsburgh in September. Faced with tire worst global financial crisis since the 1930s, G-20 nations, accounting for about 85% of the global gross domestic product, have sought to re-boost growth through stimulus spending and low interest rates, without undertaking any drastic reform.
We shall see how this lip service from global leaders helps pull the world out of the recession. Despite signs of resumed growth, many still doubt whether it is sustainable, given the structural imbalances, huge indebtedness and financial crisis wreakine
havoc on the major economies.
A group of Asian journalists and I had a dinner meeting with Kazuo Kodama, press secretary and press and public relations director-general of Ministry of Foreign Affairs in Tokyo the other day. We had a nice conversation. Kodama was quite bullish over the Apec meeting's outcome, where the grouping took over the task of tackling the global financial crisis and trying to put the world economy back on a growth path. Japan hopes Apec will continue to work on this new paradigm of growth, which Kodama calls an "irreversible trend," as it will host the next Apec Summit in Yokohama in2010.
Let's examine Apec's new paradigm of growth, if not the G-20's. Re-balancing global growth is designed to address die macro-economic imbalance, going on for years. "The US has been consuming too much and creating too much debt, while Japan, China and the Ascan countries have been exporting to the US and saving too much. And we I Asia! use the savings to buy
US treasuries to finance the US deficit. This is not sustainable," said Kodama.
On this front, Kodama is right. President Barack Obama's Asian visit to Japan, China and Singapore, in a way, marked a US retreat from its over-consumption mode. Obama put his cards on the table in his Tokyo speech last Saturday. The US would make a comeback to Asia through cross-Pacific partnerships. Moreover, the US would like to export more to this region, which still registers relatively strong growth compared to other regions. This took place against a falling US dollar, while gold prices are surging.
In China. Obama's meeting with Chinese President Hu Jintao was far less successful, with agreements elusive as they discussed cooperation on the economy, climate change and security.
How does Asia react to Obama's gesture, as many countries still bank on their cheap currencies to boost exports? Asian nations are not yet ready to save less and spend more. They still want to export more. This complicates efforts to re balance global growth because both the US and the Asian countries want to increase exports.
Apec leaders vowed they would strive for shared growth and prosperity for all. But I would argue this is more lip service, because there hasn't been any major effort to meaningfully restructure the financial system to prevent a future crisis.
With the financial crisis, bankers and money managers - who benefit from government bailouts -- become richer, while
working people on Main Street face hardship and unemployment. (Bankers and money managers still make money the old way. if they lose money, taxpayers will bail them out, if they make money, they pocket the profit for themselves.)
Lasdy, global growth is not sustainable without addressing climate change and taking into account environmental preservation. Industries continue to plunder the 4 world's natural resources. Again, action plans are easier talked about than implemented. Japan's new leadership under Prime Minister Yukio Hatoyama has pledged to reduce CO2 emissions by 25% in 2020 as compared to the 1990 level. This pledge is almost unilateral, as many countries are unwilling to make commitments ahead of the UN conference on climate change in Copenhagen next month. Planet Earth is on a disastrous path to environmental destruction, yet mankind is still too concerned about economic well-being.
As 1 have travelled around Japan over the past 10 days, I have noticed the clear message that Japan will be working seriously on emissions control and improving the environment. Yet the effort might be too little in the face of global industrialisation. We need a serious rethink and a commitment to save this planet by sacrificing ourselves to slower growth - - via Apec or non-Apec means, or by any means.
C The Nation (Thailand) AH rights reserved Repnnted by arranoement with the Asia News Network
***Faced with the worst global financial crisis since the 1930s, G-20 nations, accounting for about 85% of the global gross domestic product, have sought to re-boost growth through stimulus spending and low interest rates, without undertaking any drastic reform.****