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Hu: China’s economy faces challenges

BEIJING: Chinese President Hu Jintao has warned that the global financial turmoil will make it harder for China to maintain the pace of its economic development in the near future.

China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development, said Mr. Hu addressing members of the Political Bureau of the Communist Party of China Central Committee on Saturday.

The nation should maintain a stable and relatively fast economic growth, accelerate structural readjustment for sustainable development and stick to reform and opening up, said Mr. Hu, also General Secretary of the CPC Central Committee.

Efforts should be made to solve problems that concern the people’s fundamental interests to achieve healthy and rapid economic and social development and improve people’s living, he said.

Mr. Hu also underlined the importance of efficient resource utilisation and environmental protection in China’s industrialisation and modernisation strategy, and asked for the overall development in both rural and urban areas. He said the nation should not only seek fast and sound economic growth, but also promote the comprehensive development of society and its people. He also noted that with the spread of the global financial crisis, China is losing its competitive edge in the world market as international demand is reduced.

International competition is fiercer than ever and protectionism has started to increase in investment and trade, said Mr. Hu. In October, China’s export growth slowed to 19.2 per cent from 21.5 per cent in September. — Xinhua

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