- Posted September 10, 2012 by
This iReport is part of an assignment:
Keeping An Eye On Asia - September 10th
Economic power over the last few years has been shifting. In today's global market, China and India are playing an increasingly more powerful role. Other Asian nations are also players on the world stage.
In today's edition of Keeping An Eye On Asia, we look primarily at what is happening in China along with a power play by Japan over disputed islands in the South China Sea as well as the recent Asian-Pacific Economic Cooperation (APEC) conference.
APEC this past weekend brought together a number of countries in Asia as well as Russia which stretches to the Pacific in the northern portion of the continent. Yahoo News reports that both China and Russia sounded an alarm as the conference got underway. Both powerhouse nations noted the danger from the continuing sluggish global economy which could have dire implications unless the member nations did not forge stronger ties with each other.
Chinese President Hu Jintao promised to strengthen his nation's economy and provide a more secure safety net for the 21-member conference. Russian President Vladmir Putin called for trade barriers between the nations to be torn down. Putin was also host of the event.
Putin told those in attendance, "It's important to build bridges, not walls. We must continue striving for greater integration. The global economy is faltering. We can overcome the negative trends only by increasing the volume of trade in goods and services and enhancing the flow of capital."
Hu had this to say, "We will work to maintain the balance between keeping steady and robust growth, adjusting the economic structure and managing inflation expectations."
The Associated Press has an article out detailing how the Chinese economy is slowing and turning downward while imports shrink. The AP noted that imports unexpectedly declined in August which signaled the economic slump is getting worse.
The Chinese President warned that the growth could continue to slow. He stated that economic stimulus spending may be in order to stave off the current trend.
Since June, the Chinese government has cut interest rates twice. The country has been pumping money into the economy through infrastructure construction projects.
The latest brooha over disputed South China Sea islands is between China and Japan, according to The Christian Science Monitor. The CSM is reporting that a move by Japan to buy the islands from the "rightful" property owners should determine to which nation the islands belong. China, however, does not recognize the private ownership of the islands by Japanese citizens.
Other nations in Southeast Asia also lay claim to the islands and others in the South China Sea.
From the Cornfield, the interlocking of the US economy with economies around the world makes it imperative that we are aware of what happens on the other side of the globe lest we be caught off guard to our detriment.