Identifier
Created
Classification
Origin
09BEIJING776
2009-03-25 08:39:00
UNCLASSIFIED
Embassy Beijing
Cable title:
MEDIA REACTION: ECONOMIC STIMULUS PLAN
VZCZCXRO9096 RR RUEHCN RUEHGH RUEHVC DE RUEHBJ #0776 0840839 ZNR UUUUU ZZH R 250839Z MAR 09 FM AMEMBASSY BEIJING TO RUEHC/SECSTATE WASHDC 3060 INFO RUEHOO/CHINA POSTS COLLECTIVE RHMFIUU/CDR USPACOM HONOLULU HI
UNCLAS BEIJING 000776
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: ECONOMIC STIMULUS PLAN
--------------
Editorial Quotes
--------------
ECONOMIC STIMULUS PLAN
a. "It is time for the U.S.-China economic reliance to shift"
The official Communist Party international news publication Global
Times (Huanqiu Shibao)(03/24): "People always compare Obama's
current economic rescue plan with Franklin D. Roosevelt's New Deal.
In fact, they are quite different. Obama is trying to save the
economic system that the 'imperial power country' has relied on for
such a long time. Obama has issued a large amount of currency as a
method to jump start the economy. This only solves the problems on
the surface, but when reforming the international financial system,
which is the root cause, the U.S. has not made any effective
actions.
The main goal of the U.S., in dealing with the financial crisis, is
to try with all its effort, to prevent the coming of the
'post-empire era'. European countries clearly recognize the motives
of the U.S.; to avoid reforming the global financial system and to
maneuver the world's currency and investment markets in line with
the U.S. dollar. Thus a severe fight between the U.S. and Europe is
inevitable at the G20 summit. China should support Europe's stance
for reform without hesitation.
Because of the close reliance of U.S.-China economic relations, when
a financial crisis breaks out, the creditor country, holding a lot
of U.S.-dollar assets can't do anything but be completely hopeless.
China must learn a lesson from this crisis. It is undoubtedly the
case that China is affected by the American financial illness. The
European resolution concerning the prioritization of the global
financial system's reform is the correct path. Only drastic
measures can urge the U.S. to change its policy and get back onto
the right economic path."
b. "The word 'market rescue' is not a heart-breaking word"
The official Communist Party international news publication Global
Times (Huanqiu Shibao)(03/24): " Lately 'Market Rescue' is the most
popular and heart-breaking phrase for the U.S. and Europe. Both of
their market rescue measures have been unbeneficial to the world's
economy. In nine days, the G20 Summit will open and discuss three
things: policy coordination, increased financial supervision, and
the reform of the international financial system. To actually turn
these concepts into actions, the U.S. and Europe can't stand apart
and only care about their own interests. These market rescue efforts
need accumulated confidence and quick action. The primary goal of
the rescue should be to help the poor deal with the crisis rather
than to maintaining the luxurious standard of living of the rich.
Selfish market rescue measures which intend to shift one's own
troubles on to the backs of other countries will only further
deteriorate the current financial situation. Therefore, the G20
summit must be one of confidence and action."
PICCUTA
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: ECONOMIC STIMULUS PLAN
--------------
Editorial Quotes
--------------
ECONOMIC STIMULUS PLAN
a. "It is time for the U.S.-China economic reliance to shift"
The official Communist Party international news publication Global
Times (Huanqiu Shibao)(03/24): "People always compare Obama's
current economic rescue plan with Franklin D. Roosevelt's New Deal.
In fact, they are quite different. Obama is trying to save the
economic system that the 'imperial power country' has relied on for
such a long time. Obama has issued a large amount of currency as a
method to jump start the economy. This only solves the problems on
the surface, but when reforming the international financial system,
which is the root cause, the U.S. has not made any effective
actions.
The main goal of the U.S., in dealing with the financial crisis, is
to try with all its effort, to prevent the coming of the
'post-empire era'. European countries clearly recognize the motives
of the U.S.; to avoid reforming the global financial system and to
maneuver the world's currency and investment markets in line with
the U.S. dollar. Thus a severe fight between the U.S. and Europe is
inevitable at the G20 summit. China should support Europe's stance
for reform without hesitation.
Because of the close reliance of U.S.-China economic relations, when
a financial crisis breaks out, the creditor country, holding a lot
of U.S.-dollar assets can't do anything but be completely hopeless.
China must learn a lesson from this crisis. It is undoubtedly the
case that China is affected by the American financial illness. The
European resolution concerning the prioritization of the global
financial system's reform is the correct path. Only drastic
measures can urge the U.S. to change its policy and get back onto
the right economic path."
b. "The word 'market rescue' is not a heart-breaking word"
The official Communist Party international news publication Global
Times (Huanqiu Shibao)(03/24): " Lately 'Market Rescue' is the most
popular and heart-breaking phrase for the U.S. and Europe. Both of
their market rescue measures have been unbeneficial to the world's
economy. In nine days, the G20 Summit will open and discuss three
things: policy coordination, increased financial supervision, and
the reform of the international financial system. To actually turn
these concepts into actions, the U.S. and Europe can't stand apart
and only care about their own interests. These market rescue efforts
need accumulated confidence and quick action. The primary goal of
the rescue should be to help the poor deal with the crisis rather
than to maintaining the luxurious standard of living of the rich.
Selfish market rescue measures which intend to shift one's own
troubles on to the backs of other countries will only further
deteriorate the current financial situation. Therefore, the G20
summit must be one of confidence and action."
PICCUTA