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 user 2008-12-01 at 11:48:39 am Views: 46
  • #20746;_ylt=AmPfD2iTwSDYFEvPPzRAafPCw5R4
    Chinese leader says China losing competitive edge
    – Chinese President Hu Jintao warned that China has started to lose its
    competitive edge in trade amid the global financial crisis, as he told
    Communist Party leaders the challenge posed a test to the government’s
    ability to rule, state media reported.China’s economic growth is
    expected to fall to about 9 percent this year, down from last year’s
    11.9 percent. That would be the fastest of any major economy, but
    Chinese leaders worry about possible unrest as unemployment rises,
    especially in export industries where factories are shutting down as
    global demand plummets.

    “External demand has obviously weakened
    and China’s traditional competitive advantage is being gradually
    weakened,” Hu said, according to the Communist Party’s official
    People’s Daily newspaper.Hu told members of the Communist Party’s
    powerful Political Bureau that the financial meltdown posed critical
    challenges to a government that has staked its legitimacy in part on
    competent management of a rapidly developing society.”Whether the
    pressures can be turned into a driving force and the challenges turned
    to opportunities … is a test of our ability to control a complex
    situation, and also a test of our party’s governing ability,” Hu said.

    urged party leaders to step up efforts to reform its economic growth
    model to achieve development that is sustainable.He said greater effort
    should be made to raise living standards, use resources more
    efficiently and develop rural and urban areas, the report said.The
    remarks come after China’s top economic planner Zhang Ping, chairman of
    the Cabinet’s National Development and Reform Commission, warned
    Thursday that the impact of the global financial crisis is worsening
    and that rising job losses could fuel instability.

    But a
    government researcher said that despite the impact of the global
    slowdown, the country’s economy is expected to grow by 10 percent next
    year as domestic consumption grows with rising personal
    incomes.”Personal income continues to increase as millions of migrant
    workers flow into the city to get their lives improved. Enlarging
    demand for houses and autos will form huge and lasting consuming
    power,” said Zhang Liqun, a researcher at a think tank attached to the
    Cabinet’s planning agency.

    On Wednesday, Beijing announced its
    biggest interest rate cut in 11 years to increase consumer and company
    spending. A multibillion-dollar stimulus package launched on Nov. 9
    aims to boost growth through heavy new spending on construction, tax
    cuts and aid to the poor and farmers.Beijing plans to spend 18 trillion
    yuan ($2.6 trillion) in 2009 alone to help blunt the impact of the
    global financial crisis, using the immense capital accumulated over
    years of double-digit economic growth and booming exports to build
    railways, roads, airports and electricity networks.