Identifier
Created
Classification
Origin
09HONGKONG25
2009-01-06 07:40:00
UNCLASSIFIED
Consulate Hong Kong
how-toP 060740Z JAN 09 FM AMCONSUL HONG KONG TO SECSTATE WASHDC PRIORITY 6577 INFO WHITE HOUSE WASHDC USDOC WASHDC AMEMBASSY BEIJING AMCONSUL SHANGHAI AMCONSUL GUANGZHOU AIT TAIPEI 0150 CDR USPACOM HONOLULU HI
UNCLAS HONG KONG 000025
DEPT FOR INR/R/MR, INR/IC/CD, I/FW
DEPT FOR EAP/PD, EAP/CM, EAP/P
DEPT FOR VOA/BRF, TV-WPA
WHITE HOUSE FOR NSC
PRC POSTS FOR PA
AIT
USPACOM FOR FOR CIS PD ADVISER
E.O. 12958: N/A
TAGS: OPRC KMDR
SUBJECT: MEDIA REACTION: U.S. ECONOMY
TOPIC: U.S. economy
HEADLINES AND EXCERPTS:
"Obama's tax cuts will not be favorable for creating new jobs"
The independent Chinese-language Hong Kong Economic Times commented
in an editorial (1/6): "As part of the US$770 billion
economic-stimulus package proposed by U.S. President-elect Obama,
US$300 would be spent on tax cuts to win Republican support, so that
the package can be implemented as soon as possible. However, the
tax cuts will largely cripple the power of the economic-stimulus
package. Obama would then need to increase the total amount of the
package before the economy could be saved and the target of creating
3 million jobs could be reached.... Tax cuts have greatly weakened
the power of the US$700 billion economic-stimulus package to create
jobs. By cutting US$300 billion for infrastructure developments and
for promoting industries like environmental protection, etc., it is
feared that the stimulus package will hardly be able to reach the
original target of creating 2.5 million jobs, not to mention
creating 3 million jobs.... It is not at all unjustifiable for
Obama to make political compromises. However, if Obama wants to
create 3 million jobs and to stabilize the economy and the society,
he must increase the total amount of the economic-stimulus package.
And he cannot but put aside the future trouble of a financial
deficit at the moment."
DONOVAN
DEPT FOR INR/R/MR, INR/IC/CD, I/FW
DEPT FOR EAP/PD, EAP/CM, EAP/P
DEPT FOR VOA/BRF, TV-WPA
WHITE HOUSE FOR NSC
PRC POSTS FOR PA
AIT
USPACOM FOR FOR CIS PD ADVISER
E.O. 12958: N/A
TAGS: OPRC KMDR
SUBJECT: MEDIA REACTION: U.S. ECONOMY
TOPIC: U.S. economy
HEADLINES AND EXCERPTS:
"Obama's tax cuts will not be favorable for creating new jobs"
The independent Chinese-language Hong Kong Economic Times commented
in an editorial (1/6): "As part of the US$770 billion
economic-stimulus package proposed by U.S. President-elect Obama,
US$300 would be spent on tax cuts to win Republican support, so that
the package can be implemented as soon as possible. However, the
tax cuts will largely cripple the power of the economic-stimulus
package. Obama would then need to increase the total amount of the
package before the economy could be saved and the target of creating
3 million jobs could be reached.... Tax cuts have greatly weakened
the power of the US$700 billion economic-stimulus package to create
jobs. By cutting US$300 billion for infrastructure developments and
for promoting industries like environmental protection, etc., it is
feared that the stimulus package will hardly be able to reach the
original target of creating 2.5 million jobs, not to mention
creating 3 million jobs.... It is not at all unjustifiable for
Obama to make political compromises. However, if Obama wants to
create 3 million jobs and to stabilize the economy and the society,
he must increase the total amount of the economic-stimulus package.
And he cannot but put aside the future trouble of a financial
deficit at the moment."
DONOVAN