The president is expected to tell fellow leaders that the old economic model of massive Chinese exports being snatched up by borrow-and-spend consumers in America and elsewhere is unsustainable. In a preview of that message at the United Nations on Wednesday, Obama said, "Now is the time for all of us to take our share of responsibility for a global response to global challenges."
The leaders of the Group of 20 nations are meeting for the third time since the financial crisis threw growth into reverse a year ago. When the body last met in April, many economies, including the United States, were under severe strain, and world leaders largely agreed on common remedies such as dramatically increased government spending to provide some stimulus.
With the crisis calming, summit leaders are set to discuss how to redirect their focus on reinvigorating their economies without repeating past mistakes.
European leaders are pressing for a deal on financial regulation reforms, but Obama's agenda is pressing for policies to even out the trade imbalances between China and the United States.
British Prime Minister Gordon Brown told reporters in New York on Thursday that Britain and the U.S. "would like to see China importing more from our countries."
Japan's new prime minister, Yukio Hatoyama, said his nation wants to be part of the discussion to "rein in the issues of poverty and economic disparity, which are difficult to coordinate by simply leaving them to market mechanisms."
Under budget deal, most successful anti-poverty policy would be even more effective in California - OCRegister - OCRegister *Under budget deal, most successful anti-poverty policy would be even more effective in California* *OCRegister* We both have the good fortune...
3 hours ago