Economy warning from China leader
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- wlwatkins
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http://news.bbc.co.uk/2/hi/asia-pacific/7757105.stm
China's President Hu Jintao has warned of the effects of the global financial crisis on his country.Mr Hu gave his warning at a meeting of the Politburo and his words have been made public by the state media.
As growth slows, Mr Hu said that in the coming period China would starkly confront the effects of the international financial crisis.
And he warned that the economic situation was a test of the Communist Party's ability to govern.
Recent figures show that the government has cause to be worried.
Growth has slowed to 9% - and predictions say that it may drop to 7% or 8% next year.
These are dazzling figures for some economies, but there's a widespread belief - even a superstition - in China that growth needs to stay above 7% in order for social stability to be maintained.
China has already taken action.
This past week the central bank carried out the biggest cut in interest rates in more than a decade.
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samthesixth
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China's social stability comes from police enforcement as much as the economy. Are there any happy communists who actually live in a communist country?
- 4 years ago
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samthesixth
