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Hu: China's economic development faces challenges

(Xinhua)
Updated: 2008-11-30 08:52

BEIJING -- Chinese President Hu Jintao warned on Saturday 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 Hu when addressing members of the Political Bureau of the Communist Party of China (CPC) Central Committee.

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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 Hu, also general secretary of the CPC Central Committee.

Efforts should be made to solve problems that concern the people's fundamental interests, in order to achieve healthy and rapid economic and social development and improve people's living, the CPC chief said.

Hu also underlined the importance of efficient resource utilization and environmental protection in China's industrialization and modernization strategy, and asked for the overall development in both rural and urban areas.

The nation should not only seek fast and sound economic growth, but also promote the comprehensive development of society and its people, said Hu.

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 Hu.

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