Cablegate: Media Reaction: G-20 Summit, Financial Crisis

VZCZCXRO9699
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #4205 3180824
ZNR UUUUU ZZH
R 130824Z NOV 08
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 0839
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

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

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Editorial Quotes
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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

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