US President Barack Obama stated on Sunday that the global economy was showing signs of recovery, but cautioned that failure to address imbalances in the global economic system could result in future crises. Speaking to leaders from the Asia Pacific region in Singapore, Obama emphasized the importance of re-balancing the global economy. The Asia Pacific Economic Cooperation (APEC) forum's statement endorsed stimulus measures to prevent a relapse into recession and called for a successful conclusion to the Doha Round of trade talks in 2010. Earlier discussions about maintaining market-oriented exchange rates were omitted from the final communique due to disagreements between the US and China. A delegate from APEC, who chose to remain anonymous, mentioned that the dispute between China and the US regarding exchange rates had delayed the conclusion of the talks after two days. This highlights the tensions that are expected to arise when President Obama visits China following the US decision to impose tariffs on Chinese tires. China is concerned that this could lead to additional duties on other Chinese products that are becoming popular in the US market. During the APEC meeting, Obama warned against reverting to the same economic policies that caused the global recession, emphasizing the need for more balanced growth. "If we don't change course, we will keep experiencing one crisis after another, which has already harmed our citizens, businesses, and governments," stated Obama. "We are at a critical moment in history where we can choose a new direction - one that focuses on creating jobs and sustainable growth. This strategy involves saving more, spending less, reforming the financial system, and reducing deficits and borrowing." Washington is also interested in having major exporters like China increase their domestic demand. Chinese President Hu Jintao has faced pressure to allow the yuan to increase in value, but at APEC meetings, he focused on trade restrictions on developing countries instead. When Obama visits China, the yuan will be a key topic of discussion, as it has been tied to the US dollar since 2008 to protect China's economy. The US believes that an undervalued yuan is causing imbalances in trade between the two countries. China is seeking market economy status from the US and wants trade concessions that would make it more difficult for the US to take action against Chinese goods. China's central bank announced last week 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 much of the day's formal talks where leaders criticized the US for hindering free trade with policies like "Buy America" campaigns. APEC is the final gathering of global decision-makers before the UN climate summit in Copenhagen in three weeks, which aims to accelerate 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 and address legally binding details later. The APEC statement did not include any references to emissions reductions that were in previous drafts.