Get ready for a rough ride from world recession, Chinese President tells party

Get ready for a rough ride from world recession, Chinese President tells party

www.timesonline.co.uk

The Chinese President has issued a rare warning to the ruling Communist Party, telling his officials that the global economic downturn is so severe that it could shake its 59-year grip on power.

(visit the link for the full news article)

President Hu Jintao's remarks, at a weekend meeting of the ruling 25-member Politburo, appeared on the front page of the party's official mouthpiece, the People's Daily. It was his bluntest message yet delivered on the crisis to China's 1.3 billion people and more than 70 million members of the party.

The subtext of his speech was the increasing risk of social unrest caused by China's rising unemployment, as a slump in exports leads to factory closures and a fall in property sales results in abandoned construction projects.

The President, who is also the head of the Communist Party, said: “In this coming period, we will starkly confront the effects of the sustained deepening of the international financial crisis and pressure as global economic growth clearly slows.” He said that the slowdown would “steadily weaken our country's traditional competitive advantages”.

So the Chinese are saying there will be hard times coming. What a breath of fresh air.

www.timesonline.co.uk
(visit the link for the full news article)

NO not true if you would just read some posts around here!

They are the next super power!

Some mystic or was it a fortune teller from eastern Europe now wait it was tea leaves or I forget which anyway they are becoming the next super power!

I believe everything I see on the internet.

This just goes to show you that the economies of the world are so intertwined that if the Dow jones and Washington sneezes the rest of the worlds economies catch colds!

reply to post by warrenb

Question: How do authoritarian governments prevent overthrow by the people?

Answer: Distraction, as in war. "Look over there, those people are your enemy, not us."

Look out Taiwan. .