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POLITICAL ECONOMY
China losing competitive edge amid crisis: President Hu

President Hu Jintao. Photo courtesy AFP.
by Staff Writers
 Beijing (AFP) Nov 30, 2008
 President Hu Jintao has warned China's economy is losing its competitive edge amid the ongoing global financial crisis, state media reported Sunday.

Hu made the downbeat remarks Saturday at a meeting of the Communist Party's elite Political Bureau, according to party mouthpiece the People's Daily.

"There is a clear slowdown in global economic growth, with a marked weakening in external demand, and China is losing its competitive advantages," he was quoted as saying.

"Global competition is intensifying and the pressure from protectionism is increasing."

In October, China's export growth slowed to 19.2 percent from 21.5 percent in September.

"The global financial crisis continues to expand, and the external conditions facing our economy are getting more complex," Hu said, according to the paper.

"The impact of the global financial crisis on the Chinese economy continues to deepen."

China's economy, the world's fourth-largest, expanded by 9.0 percent in the third quarter, the lowest level in more than five years.

The World Bank said last week it expected the Chinese economy to grow by 9.2 percent in 2008 before hitting a 19-year low of 7.5 percent in 2009.

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POLITICAL ECONOMY
Stocks rise but grim economic news pours in
 London (AFP) Nov 27, 2008
 Massive stimulus efforts to stave off a global recession steadied stock markets on Thursday but grim outlooks in China and elsewhere indicated that the economic crisis still has a long way to run.






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