Source: Xinhua
03-05-2009 14:08
Special Report: 2009 NPC & CPPCC SessionsBEIJING, March 5 (xinhua) -- Chinese Premier Wen Jiabao admitted Thursday that the country is facing unprecedented difficulties and challenges, with continuous drop in economic growth rate due to the impact of the global financial crisis becoming a major problem.
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| Graphics shows China 2008 GDP increased by 9% according to government work report of China on March 5, 2009. (Xinhua Photo) |
When delivering a government report to the annual session of the Chinese legislature, he said that, the global financial crisis continues to spread and get worse. Demand continues to shrink on international markets; the trend toward global deflation is obvious; and trade protectionism is resurging.
"The external economic environment has become more serious, and uncertainties have increased significantly," he said.
"Continuous drop in economic growth rate due to the impact of the global financial crisis has become a major problem affecting the overall situation. This has resulted in excess production capacity in some industries, caused some enterprises to experience operating difficulties and exerted severe pressure on employment," according to the Premier.
