In Singapore on November 15, US President Barack Obama addressed Asia Pacific leaders and discussed the state of the world economy, acknowledging signs of recovery but also cautioning that failure to rebalance the global economic system could result in more crises. During the Asia Pacific Economic Cooperation (APEC) forum, officials omitted any mention of market-oriented exchange rates in their statement, following disagreements between the US and China on the issue. The statement endorsed stimulus measures to prevent a global economic downturn and called for a successful conclusion to the Doha Round of trade talks in 2010. The initial draft had included a commitment from APEC's 21 members to maintain market-oriented exchange rates based on economic fundamentals, but this was removed in the final statement. A representative from an APEC delegation, who chose to remain anonymous, stated that discussions between China and the United States regarding exchange rates had caused a delay in the statement at the conclusion of a two-day meeting. This highlights 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 set a precedent for further tariffs on Chinese products that are increasing in popularity in the U.S. During the APEC meeting, Obama warned against reverting to the same economic practices that led to the global recession, emphasizing the need for balanced growth. "If we don't change our current path, we will keep facing one crisis after another, which has already had severe impacts on our citizens, businesses, and governments," stated Obama. He believes that we are at a crucial moment in history where we can choose a different direction - one that focuses on creating a balanced and sustainable growth. Obama's plan involves saving more, spending less, reforming the financial system, and reducing deficits and borrowing in order to achieve this goal. Washington is also urging major exporters like China to increase their own domestic demand. Chinese President Hu Jintao has faced pressure to allow the yuan to strengthen, but he has not addressed this issue in his speeches at APEC. Instead, he has focused on criticizing what he sees as unfair trade restrictions on developing nations. When Obama visits China, the yuan will be a key topic of discussion, as it has been effectively tied to the US dollar since 2008 to protect China's economy. The US believes that an undervalued yuan is contributing to trade imbalances between the US and China. China is seeking recognition as a market economy from the US, as well as concessions on trade disputes that would make it more difficult for Washington to take action against Chinese goods. The central bank of China announced last week that it will take into account major currencies when guiding the yuan, indicating a shift from the peg. Obama arrived in Singapore late on Saturday, missing most of the day's formal talks where some leaders criticized the US for hindering free trade with policies like "Buy America" campaigns. APEC is the final major meeting of global leaders before the UN climate summit in Copenhagen in three weeks, which aims to increase efforts to combat climate change. Negotiations for the summit have stalled, but a US official stated that Obama supported a two-step plan proposed by the Danish prime minister to work towards an operational agreement first, leaving legally binding details for later. The APEC statement excluded any references to emissions reductions that were included in earlier drafts.