Identifier
Created
Classification
Origin
09HONGKONG489
2009-03-17 08:58:00
UNCLASSIFIED
Consulate Hong Kong
how-toP 170858Z MAR 09 FM AMCONSUL HONG KONG TO SECSTATE WASHDC PRIORITY 7157 INFO WHITE HOUSE WASHDC USDOC WASHDC AMEMBASSY BEIJING AMCONSUL SHANGHAI AMCONSUL GUANGZHOU AIT TAIPEI 0231 CDR USPACOM HONOLULU HI
UNCLAS HONG KONG 000489
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: G20
TOPIC: G20
HEADLINES AND EXCERPTS:
"Rescue the market before talking about financial reform"
The mass-circulation Chinese-language Apple Daily News remarked in
an editorial (3/17): "...Recently, there is much 'noise' regarding
economic cooperation between countries. A few days ago, Chinese
Premier Wen Jiabao said publicly that he was concerned about the
stability of U.S. bonds in China's possession. He also cautioned
the U.S. administration to keep its promises of not letting China's
foreign reserves have any further loss. Such remarks have put U.S.
financial officials in a quandary. They have to make high profile
guarantees that investments in the U.S. are absolutely safe.... The
G20 finance ministers meeting in London last week fully reflected
the differences among the countries. Originally, the market
expected the finance ministers of different countries to work
together to come to agreement on how to stabilize the financial
system as well as the economy. Who would have thought that,
instead, each country would spend the two days talking about their
own concerns...? The international community and large-scale
conferences such as the G20 should concentrate on stimulating
economies and rescuing financial systems by focusing all resources
(including political resources) to boost global economies.
Long-term plans and reform should be postponed. Only this way, can
the gap between countries be kept from widening. And only this way,
can the markets feel that the international community and economic
bodies are determined to cooperate to rescue the markets.... For
the failing global economy, the most important thing that all
countries have to do NOW is to work together to stimulate the
economy. Differences over some long-term reforms and long-term
developments should be put aside."
"G20 finance ministers have differences but they also have common
understanding"
The pro-PRC Chinese-language Macau Daily News remarked in an
editorial (3/17): "The G20 finance ministers meeting lowered its
curtain last weekend. Although many financial institutions called
on the U.S. or Europe to set up a 'bad-debt bank', no one mentioned
it after the meeting. G20 countries only promised to tackle the bad
bank assets and to inject at least US$500 billion into the IMF.
Although there were reports before the meeting about differences
between the U.S. and Europe over this issue, the outcome of the
meeting showed that finance ministers' common understanding is
bigger than their differences. In fact, countries cannot afford the
cost of differences given the increasingly grim situation....
Judging from the declarations following the meeting, whether dealing
with the economic stimulus measures or establishing a new global
financial system, they only came up with a framework and principle
but there is still no concrete 'roadmap'. In comparison with the
Washington summit last November, the atmosphere of the meeting this
time has changed. The Washington summit focused on the stability of
the financial system, whereas the meeting this time focused on
restoring confidence. Finance ministers and central bank governors
have shown their common understanding and determination in dealing
with the issue of confidence."
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: G20
TOPIC: G20
HEADLINES AND EXCERPTS:
"Rescue the market before talking about financial reform"
The mass-circulation Chinese-language Apple Daily News remarked in
an editorial (3/17): "...Recently, there is much 'noise' regarding
economic cooperation between countries. A few days ago, Chinese
Premier Wen Jiabao said publicly that he was concerned about the
stability of U.S. bonds in China's possession. He also cautioned
the U.S. administration to keep its promises of not letting China's
foreign reserves have any further loss. Such remarks have put U.S.
financial officials in a quandary. They have to make high profile
guarantees that investments in the U.S. are absolutely safe.... The
G20 finance ministers meeting in London last week fully reflected
the differences among the countries. Originally, the market
expected the finance ministers of different countries to work
together to come to agreement on how to stabilize the financial
system as well as the economy. Who would have thought that,
instead, each country would spend the two days talking about their
own concerns...? The international community and large-scale
conferences such as the G20 should concentrate on stimulating
economies and rescuing financial systems by focusing all resources
(including political resources) to boost global economies.
Long-term plans and reform should be postponed. Only this way, can
the gap between countries be kept from widening. And only this way,
can the markets feel that the international community and economic
bodies are determined to cooperate to rescue the markets.... For
the failing global economy, the most important thing that all
countries have to do NOW is to work together to stimulate the
economy. Differences over some long-term reforms and long-term
developments should be put aside."
"G20 finance ministers have differences but they also have common
understanding"
The pro-PRC Chinese-language Macau Daily News remarked in an
editorial (3/17): "The G20 finance ministers meeting lowered its
curtain last weekend. Although many financial institutions called
on the U.S. or Europe to set up a 'bad-debt bank', no one mentioned
it after the meeting. G20 countries only promised to tackle the bad
bank assets and to inject at least US$500 billion into the IMF.
Although there were reports before the meeting about differences
between the U.S. and Europe over this issue, the outcome of the
meeting showed that finance ministers' common understanding is
bigger than their differences. In fact, countries cannot afford the
cost of differences given the increasingly grim situation....
Judging from the declarations following the meeting, whether dealing
with the economic stimulus measures or establishing a new global
financial system, they only came up with a framework and principle
but there is still no concrete 'roadmap'. In comparison with the
Washington summit last November, the atmosphere of the meeting this
time has changed. The Washington summit focused on the stability of
the financial system, whereas the meeting this time focused on
restoring confidence. Finance ministers and central bank governors
have shown their common understanding and determination in dealing
with the issue of confidence."
DONOVAN