Top US business leaders were trying to sound optimistic about the economy, saying that they see some sort of resurgence in all sectors in the past few months.

The United States needs a clear strategy to remain a competitive leader in industry and other sectors of an economy in crisis, they said.

At a 3-day National Summit sponsored by the Detroit Economic Club, Bill Ford, chairman of Ford Motor Co, said he expected the US government's ownership of General Motors Corp would continue for "some time" -- suggesting the quick but controversial trip through bankruptcy that Chrysler LLC enjoyed would not be repeated.

Ford also said he was seeing "some early signs" that the US auto industry sales were stabilising, though at very low levels.

The meeting is being attended by Citigroup Inc. CEO Vikram Pandit, Microsoft Corp. CEO Steve Ballmer, Ford Motor Co. executive chairman William Clay Ford Jr., Richard Anderson of Delta Air Lines, Fritz Henderson of General Motors and US secretary of commerce Gary Locke.

Borrowers should accept a new world of tighter, more expensive credit as financial institutions recover from months of bad loans, failed banks and foreclosed homes, Pandit said.

"US consumption and credit creation were the two main drivers of growth," Pandit said at the conference, adding that "the world needs new drivers of growth = and a new business model."

He anticipates less credit that is more costly even as financial markets show signs of recovery. He also expects more corporate restructurings across different industries.

The Summit is expected to draw about 3,000 attendees to Detroit over three days.

The goal of the summit is to craft a plan to keep the US competitive in manufacturing, energy, technology and the environment.

Pandit acknowledged Citigroup has "received much help along the way" and praised "strong government action" for starting to turn things around in the sector. But he said the company has taken many steps to restructure its business, including cutting its expenses by 25 per cent and work force by about 20 per cent, and lessening its dependence on credit and consumption.

"Our goal is to develop a to-do list of actions that will revitalise and revive our economy," said Bill Ford at the summit's opening session.

Ford said the global economic crisis "increases the urgency to begin a national dialogue on the economy."

Although industrial policy is often equated with protectionism, Ford and other speakers said the US needs to be tougher with trading partners to maintain prosperity.

"Having no policy is a bad policy," Ford said.

"Other countries understand this and they work hard to maintain a strong industrial base," he said.

"They bend or even break the rules to maintain a competitive advantage over the US. We need to do something different," he said.

Echoing those calls, fellow co-chair Andrew Liveris, chairman and CEO of Dow Chemical Co., called for "a modern-era industrial policy, one built for the 21st century."

"The life force and strength of this country has to be rebuilt," Liveris said, adding that "it has to be rebuilt by American industry."

A statement from organisers said the economic summit "will be strategising on how to further increase their profits at the expense of the ever-shrinking middle class, the vast working class and the growing millions living in utter poverty."