China's president warns of deepening economic downturn

Chinese President Hu Jintao has warned that his country's competitiveness and trade strength are being threatened by a sustained global economic downturn, testing the grip of the ruling Communist Party.

Hu made the warning at a Saturday meeting of the Politburo, the Party's 25-member inner-council, which dwelt on the challenges China faces as export demand drops, forcing companies to shed workers, the Xinhua news agency reported late that day. (Reuters)