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Cablegate: Media Reaction: Financial Crisis

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RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #4245 3220930
ZNR UUUUU ZZH
R 170930Z NOV 08
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 0913
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

UNCLAS BEIJING 004245

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: FINANCIAL CRISIS

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Editorial Quotes
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FINANCIAL CRISIS

a. "How far away is the new international financial order?"

The official Xinhua News Agency international news publication
International Herald Leader (Guoji Xianqu Daobao)(11/17): "The
Summit did not make any substantial progress. The truth of the
financial storm is not clearly seen. The truth is very hard to
attain because of the following reasons: first, the financial storm
began in developed countries, specifically in the U.S. who occupies
a hegemonic position in political and economic fields. Second,
prices of U.S. financial assets have misled and disillusioned the
World about the global financial market. No one really knows how
fatal the financial crisis really will be for the U.S. and for the
World. Third, the international financial institutes are inclined
towards developed countries and their functions have been twisted
away from reality. The establishment of a new financial order will
depend on when people have a profound recognition of the financial
crisis. No one can give an answer as to how long the crisis will
last, or if it is close to an end or has just begun."

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b. "What is China's tactic to deal with the financial crisis?"

The official Xinhua News Agency international news publication
International Herald Leader (Guoji Xianqu Daobao)(11/17): "As the
global financial crisis and the economic recession continue, an
important historical chance for China has emerged. If China grasps
this opportunity, it will decide its position in the future
international financial situation. China should consider seeking a
strategic position. China should actively participate in the
international financial system and bring out its own ideas; China
should use the identity of a developing country to fight for the
interests of developing countries; China could make use of the
crisis to advocate and initiate some international cooperation and
promote a new international political situation."

c. "The system of questioning should focus on the U.S."

The official Communist Party international news publication Global
Times (Huanqiu Shibao)(11/17): "The U.S. usually likes to call on
other countries, other responsible stakeholders, asking them to
cooperate with and play their game. An international questioning
system should be created because the financial crisis has caused a
lot of bitterness in the people of developing countries. The
trouble-maker country should take on its own responsibilities. The
questioning system should primarily keep an eye on the U.S.
Developing countries should have courage and confidence to dare to
question the U.S. during this time. The responsibilities that
Washington should take on, as the leader of the global financial
system, have become the focus of the summit. Without clarifying
their responsibilities, without strictly restraining the behavior of
the U.S., the World's long-term interests will be severely
damaged."

RANDT

© Scoop Media

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