Chinese President Warns Nation Losing Its Economic Edge
President Hu Jintao has warned that China is losing its edge in the global trade competition in the midst of the current financial crisis. From the Huffington Post:
Hu told members of the Communist Party’s powerful Political Bureau that the financial meltdown posed critical challenges to a government that has staked its legitimacy in part on competent management of a rapidly developing society.
“Whether the pressures can be turned into a driving force and the challenges turned to opportunities … is a test of our ability to control a complex situation, and also a test of our party’s governing ability,” Hu said.
Hu urged party leaders to step up efforts to reform its economic growth model to achieve development that is sustainable.