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.
