China leader warns of slower economic growth
Sunday, 30 Nov 2008 12:08
The Chinese president has warned of a slowdown in the country's economic growth
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Chinese president Hu Jintao has warned that the global economic downturn could harm China's economic growth prospects.
Speaking at a meeting of the party Politburo, Mr Jintao warned that growth projections for the export-driven economy would have to be revised to account for the worsening international economic climate.
In comments cited by state media, he said: "There is a clear slowdown in global economic growth, with a marked weakening in external demand, and China is losing its competitive advantages.
"Global competition is intensifying and the pressure from protectionism is increasing," he added.
The government cut interest rates this month and also announced a stimulus package of $586bn (£380bn) in order to provide a boost to the economy.
"The global financial crisis continues to expand, and the external conditions facing our economy are getting more complex.
"The impact of the global financial crisis on the Chinese economy continues to deepen," Mr Jintao told senior party officials
The World Bank has predicted China's growth rate will fall by 1.5 per cent to 7.5 per cent next year. State thinktanks also expect falls in China's GDP growth to slow to 8 per cent.