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Cablegate: Media Reaction: Financial Crisis, U.S.-China Relations

VZCZCXRO7989
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #4350 3310911
ZNR UUUUU ZZH
R 260911Z NOV 08 ZDK
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 1097
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

UNCLAS BEIJING 004350

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, U.S.-CHINA RELATIONS

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Editorial Quotes
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1. FINANCIAL CRISIS

"Why does the U.S. save banks and discard cars?"

The official Communist Party international news publication Global
Times (Huanqiu Shibao)(11/26): "The U.S. Federal Government has
agreed to rescue Citibank which is nearing bankruptcy. The nature of
this move makes all the people in the country pay the bill for the
bank's mistakes. A rescue plan for the three giant car companies in
America was just suspended. The U.S. government saves banks and
neglects cars. The U.S. is rebuilding confidence in the financial
system and big American financial institutes. It wants to show the
public that the government is willing and capable of protecting
American tax-payers and the American economy. Citibank is one of the
most commonly seen brands in the World. The U.S. can not afford to
loose it. Second, Citibank is a strong U.S. financial brand. Third,
the car industry's bankruptcy can not be solved over night, it is
not as urgent as the bankruptcy of Citibank, it requires long term
efforts. It's still unknown whether or not the U.S. government's
funding can fill the deep hole left by Citibank. What can the U.S.
government do if other companies imitate Citibank and ask for
help?"

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2. U.S.-CHINA RELATIONS

a. "How will Obama's team treat China?"

The official Communist Party international news publication Global
Times (Huanqiu Shibao)(11/26): "At the beginning of the Clinton and
the Bush 43 presidencies, China had a difficult time; because of
this history, China is wondering how the Obama presidency will
regard the country. If Obama wants to be a great president who will
conquer the financial crisis, he has to make use of China's
strength. Many people optimistically predict that U.S.-China
relations will have a smooth opening when Obama takes office.
Chinese experts indicate that in 2000 the U.S. GDP was 10 times that
of China and now it has decreased to 4 times. The capabilities of
the U.S. in defining U.S.-China relations unilaterally have
decreased. Chinese experts also indicate that Obama's economic team
has adopted a rational attitude on the trade issue with China.
U.S.-China economic and trade conflicts have continuously been
triggered in the past several years. The trade imbalance is the
'thorn in the heal' of the U.S. However, China should be more
vigilant about their labor standards issues. Currently, the
feasibility of the U.S. taking a tough attitude on China has been
restricted. China can calmly deal with the new administration."

b. "What factors will change the U.S. strategy on China?"

The official Communist Party international news publication Global
Times (Huanqiu Shibao)(11/26): "The foreign and domestic environment
will influence the U.S.-China strategy. First, the global
environment influences strategies; second, the content of the
bilateral relations between the U.S. and China; thirdly, the
critical factor is the U.S. government's policy on China. The U.S.'s
China strategy is a part of its global strategy. To look at the
future of the U.S.-China relationship, one should also look at the
U.S.'s definition of its role. First, on economics, the U.S. may
form a 'two-country group' with China; however on politics, the U.S.
expects to include China in the group conducted by the U.S.; second,
the U.S. is always vigilant as to whether China will challenge it.
...Strength, comparison, and future emergencies will be considered
when predicting the future of U.S.-China relations. Some sensitive
emergencies may influence the relations in an unexpected way, like
the Taiwan issue."

RANDT

© Scoop Media

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