MEDIA REACTION: G-20 SUMMIT, FINANCIAL CRISIS

UNCLAS BEIJING 004205 DEPARTMENT FOR INR/R/MR, EAP/CM, EAP/PA, EAP/PD, C HQ PACOM FOR PUBLIC DIPLOMACY ADVISOR (J007) SIPDIS E.O. 12958: N/A TAGS: OPRC KMDR CH SUBJECT: MEDIA REACTION: G-20 SUMMIT, FINANCIAL CRISIS -------------- Editorial Quotes -------------- ¶1. G20 SUMMIT "G20 summit shows an equal, mutually beneficial and win-win relationship" The official intellectual publication Guangming Daily (Guangming Ribao) (11/13): "Both developed and developing countries have high expectations in the upcoming G20 summit. Since its establishment, the G20 summit hasn't fulfilled its role. It has far less influence in economics and politics than the G8 group which tries to set universal standards and policy. The global financial crisis makes people reflect on what kind of international organization should dominate the World. In addition, the G8 group has not been institutionalized. Each meeting is called upon by the country that currently holds precedence; it rotates rather than follows a fixed schedule. Due to the emergence of the new economy, the G8 countries are not as strong and influential as they have been in the past. The financial crisis has taught rich countries that the World is no longer their private club. Therefore the G20 summit, which covers major industrialized countries and emerging economies, will play an active role in resolving international issues. China will participate in this summit with very strong cooperative intentions." ¶2. FINANCIAL CRISIS "The 'Market rescue' should first benefit the poor" The official Communist Party international news publication Global Times (Huanqiu Shibao) (11/13): "When people talk about the victims of the financial crisis they first think of the investments banks, former Wall Street executives, and the burning U.S. government. Actually the most directly and largely affected victims are the poor people who live at the lowest level of society. Because of the sub-prime mortgage crisis the poor people have lost one of their most basic rights, the right to shelter. The key to the success of Roosevelt's 'New Deal' was that it benefited the poor. No matter what 'market rescue' measures are being taken, they will not achieve what the policy makers wanted them to achieve; we wont save the economy unless we can make the poor believe that their savings, houses and jobs will not be affected." RANDT