Hu made the downbeat remarks Saturday at a meeting of the Communist Party's elite Political Bureau, according to party mouthpiece the People's Daily.

"There is a clear slowdown in global economic growth, with a marked weakening in external demand, and China is losing its competitive advantages," he was quoted as saying.

"Global competition is intensifying and the pressure from protectionism is increasing."

In October, China's export growth slowed to 19.2 percent from 21.5 percent in September.

"The global financial crisis continues to expand, and the external conditions facing our economy are getting more complex," Hu said, according to the paper.

"The impact of the global financial crisis on the Chinese economy continues to deepen."

China's economy, the world's fourth-largest, expanded by 9.0 percent in the third quarter, the lowest level in more than five years.

The World Bank said last week it expected the Chinese economy to grow by 9.2 percent in 2008 before hitting a 19-year low of 7.5 percent in 2009.