US President Barack Obama spoke at a meeting in Singapore with Asia Pacific leaders, where he expressed optimism about the world economy's recovery. However, he also cautioned that if the global economic system is not rebalanced, it could lead to more crises. The Asia Pacific Economic Cooperation (APEC) forum released a statement endorsing stimulus measures to prevent another recession and urging a successful conclusion to trade talks in 2010. The final communique did not include any mention of market-oriented exchange rates, after disagreements between the US and China on the topic. An unnamed official from an APEC delegation mentioned that the debate between China and the United States regarding exchange rates had caused a delay in the statement at the conclusion of two days of talks. This highlighted the tensions that are expected to arise when Obama visits China after imposing tariffs on Chinese tires for the first time. Beijing is concerned that this may lead to more tariffs on Chinese products that are becoming more popular in the US market. Obama expressed to APEC leaders that the world cannot go back to the same economic cycles that caused the global recession, emphasizing the need for different policies to avoid imbalanced growth. "If we don't change course, we will keep moving from one crisis to another, which has already harmed our citizens, businesses, and governments," stated Obama. "We are at a crucial moment in history where we can choose a new direction - one that focuses on creating jobs and sustainable growth. This strategy includes saving more, spending less, reforming the financial system, and reducing deficits and borrowing." Washington is also pushing for key exporters like China to increase their domestic demand. Chinese President Hu Jintao has faced pressure to allow the yuan to strengthen, but he has focused on addressing what he views as unfair trade restrictions on developing countries instead. When Obama visits China, the yuan will be a major topic of discussion, as it has been tied to the US dollar since 2008 to protect the Chinese economy. The US believes that an undervalued yuan is contributing to trade imbalances. China is advocating for the US to recognize it as a market economy and make it more difficult for Washington to take action against Chinese products in trade disputes. Last week, China's central bank announced that it will take into account major currencies when guiding the yuan, indicating a shift away from the peg. Obama arrived in Singapore late on Saturday, missing most of the day's formal discussions where leaders criticized the US for hindering free trade with policies like "Buy America" campaigns. APEC is the final significant meeting of global leaders before the UN climate summit in Copenhagen, aimed at increasing efforts to combat climate change. While negotiations for the summit have stalled, a US official stated that Obama supported a two-step plan proposed by the Danish prime minister to work towards an operational agreement first before addressing legally binding details. The APEC statement did not include any references to emissions reductions that were present in earlier versions.