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Cablegate: Corrected Copy - Global Economy- China - Sao Paulo Media

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SUBJECT: Corrected Copy - Global Economy- China - Sao Paulo Media
Reaction - December 8, 2008

Title - Will socialist China save the capitalist world?

Article in liberal Folha de S. Paulo (12-08) by Charles A. Tang,
President of the Brazil-China Trade and Industry Chamber says: "The
present crisis, caused by excessive expenditures, gigantic
indebtedness and financial speculation by the U.S. without
regulation resulted in emerging countries who were invited to the
rich countries party ended up paying the bill. This was the reason
why at the G-20 meeting, China and Saudi Arabia were the center of
the attention because of their pockets full of money. As the only
economy with impressive growth and more than US$2 trillion of
reserves, China had a well defined role: to save the capitalist
world once again....The Chinese economic and financial practices,
severely criticized until the outcome of the crisis, are the same
that the capitalist world now expects from China.... This crisis
means not only the end of the capitalism in its recently practiced
form, but also give signs of the end of an era of economic and
financial domain by the G7 countries and unipolar world....Although
with its enviable reserves, the Chinese economy cannot, by now,
substitute the U.S. gigantic economy. ...What China can do is to
amortize the fall of the world economy, especially from the
countries that provide strategic products that China needs for its
sustainable growth and to feed its people."
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