Celebrating 30 years of reform, President Hu Jintao has been marking three decades of Chinese economic growth. Addressing the communist party faithful in Bejing’s Great Hall, Hu said China’s efforts to counter the global economic downturn were on track. While saying nothing about political reform, he praised China’s economic path. “Only social capitalism can save China, only reform can develop China, capitalism, and Marxism. Reform and opening is in line with the aspirations of the Party and the people, the course is totally correct. The achievements are undeniable. Stopping or reversing it would only lead to a dead end,” said China’s President.
Since 1978, the Chinese economy has grown at an annual average of 9.8 percent. But that success is starting to wobble. The global economic crisis has abruptly slowed growth and raised unemployment as demand for Chinese products ceases. Exports have shrunk by more than 2 percent from this time last year. A worry for China’s leadership, dogged by the danger of social instability.