US President Barack Obama stated that the world economy is showing signs of recovery, but cautioned that failure to address imbalances in the global economic system could lead to more crises. Obama made these remarks while speaking to Asia Pacific leaders in Singapore. Despite disagreements between Washington and Beijing on market-oriented exchange rates, the Asia Pacific Economic Cooperation (APEC) forum endorsed stimulus measures to prevent a global recession and called for progress in the Doha Round of trade talks in 2010. Initially, a draft statement had included a commitment to maintain market-oriented exchange rates, but this was removed from the final communique. A delegate from APEC, speaking on condition of anonymity, mentioned that the debate between China and the United States regarding exchange rates had delayed the conclusion of the talks. This highlighted the tensions that may arise when Obama visits China following the imposition of tariffs on Chinese tires by the US. Beijing is concerned that this could lead to further tariffs on other Chinese products that are becoming more popular in the US market. During the APEC meeting, Obama emphasized the need to avoid the same economic policies that led to the global recession, stating that the world cannot afford to repeat the same cycles of economic booms and busts. Obama warned that if we do not change our current path, we will keep facing crises that will have damaging effects on our citizens, businesses, and governments. He believes that we are at a crucial point in history where we can choose a new direction focused on creating balanced and sustainable growth. Obama's plan 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 appreciate, but during several speeches at APEC, he chose to focus on trade restrictions on developing countries instead. When Obama visits China, one of the main topics of discussion will be the yuan, which has been tied to the dollar since 2008 to protect the economy. The US believes that an undervalued yuan is contributing to imbalances in trade with China. China is seeking recognition as a market economy from the US and concessions on trade disputes that would make it more difficult for Washington to take action against Chinese goods. China's central bank announced last week that it will take into account major currencies when determining the value of the yuan, indicating a shift away from its fixed exchange rate. President Obama arrived in Singapore late on Saturday, missing much of the day's formal discussions where some leaders criticized the US for hindering free trade with policies like "Buy America" campaigns. The APEC summit is the final major meeting of global leaders before the UN climate conference in Copenhagen in three weeks, which aims to strengthen efforts to combat climate change. Negotiations for the conference have hit a standstill, but a US official stated that Obama supports a plan proposed by the Danish prime minister to initially focus on an operational agreement and defer legally binding specifics for later. The APEC statement no longer includes any mention of emissions reductions that were present in earlier drafts.