Chinese President Hu Jintao warned that the global crisis could weaken and threaten his country as well. Recent figures have shown that the government has reasons for concern. Economic growth has fallen to nine percent, and it is projected to drop to seven or eight percent next year.
Although these are figures that would not worry most countries in the world, there is a widespread belief in China that Chinese economic growth must remain above seven percent to maintain social stability. Last week, the Central Chinese Bank announced the largest interest rate cuts in the last ten years, and at the beginning of the month, the government announced a stimulus package amounting to $586 billion. President Hu announced this news at a Politburo meeting, and it was reported by all state media. In the coming months, China will fully face the causes of the global financial crisis, said Hu Jintao, adding that such an economic situation will be a true test for the Communist Party. The fact that has most concerned the Chinese president is that foreign orders have weakened, which leads to a gradual weakening of the Chinese economy. – Can we turn pressures into a driving force and challenges into opportunities becomes the main question we will have to answer in the coming period, which will also show whether we know how to control complex situations and manage this country – said the Chinese president. (To.Vi.)
