'Better way' to spread out growth in Asian countries: Tharman

The view that Asia should reduce its reliance on exports and expand domestic demand is just one way of rebalancing the global economy, noted Deputy Prime Minister Tharman Shanmugaratnam on Friday.

He said a better way would be for Asian countries to focus on adjusting the flows of imports and exports rather than simply targeting net balances.

The idea of reducing the role exports play in regional economies is backed by many policymakers around the world.

Those in the United States and Europe have long advocated that if Asia switches from export-led economies to driving growth with more domestic spending, global growth would be spread out more evenly between the region and developed nations.