Two APEC gatherings conclude on Thursday

Finance ministers from 21 Asia Pacific Economic Cooperation economies have concluded their meeting in Singapore. Their discussions focused on maintaining the world's sustainable economic recovery.

Meantime, the APEC Ministerial Meeting also wrapped up on Thursday. Both meetings have been held in the lead up to the annual APEC Economic Leaders' Meeting this weekend.

The forum brought Asian-Pacific economies together. Maintaining a strong and balanced recovery was at the top their agenda.

Timothy Geithner, US Treasury Secretary, said, "We are seeing Asia lead the world back to recovery. We are seeing growth resume in the US and countries around the world after the worst recession."

But officials said short-term sacrifices are needed for lasting improvements.

The ministers also agreed to "undertake monetary policies" based on flexible exchange rates.

Tharman Shanmugaratnam, Singaporean Finance Minister, said, "We do see flexible exchange rates as being part of the overall menu of options that all our economies must use together with structural reforms, together with other economic reforms."

Zhu Guangyao, Chinese Asst. Finance Minister, said, "We should work together to promote recovery and look for more stronger recovery."

The ministers pinpointed challenges to the world's recovery. They pledged to keep stimulus packages, strengthen fiscal positions and slowly undertake structural reforms to keep the economy growing until it reaches solid footing.

Meanwhile, the APEC Ministerial meeting also concluded. Foreign and trade ministers and representatives of the 21 member economies claimed that the world's economic recovery remains fragile. They called for inclusive, balanced and sustainable growth.

They agreed to extend their anti-protectionist commitment to the end of 2010, and beyond if necessary.

Chinese Foreign Minister, Yang Jiechi and Commerce Minister, Chen Deming attended the two-day gathering.